IG Markets analyst: The impact of Mt.Gox repayment on Bitcoin price may be far less than market expectations

Regarding Mt.Gox's plan to repay $8.5 billion worth of Bitcoin, IG Markets analyst Tony Sycamore said that repaying loans to creditors next month may not have as much impact on Bitcoin prices as many people expect, but it will cause trouble for BCH. It is currently estimated that about half of the Bitcoin (worth about $4.5 billion) may begin to enter the market in July, but Sycamore said he believes that a large part of the so-called Mt.Gox selling pressure has been reflected in the current market conditions. After all, "repayment has been going on for a long time." Previously, repayments occurred against the backdrop of deteriorating market sentiment, technical selling, and outflows from Bitcoin ETFs, and now most of the speculative "hot money" in the cryptocurrency field has left to chase giant stocks such as Nvidia and Apple in the stock market. In addition, when it comes to Bitcoin's price trend, Sycamore said that he does not think the current sell-off will lead to further declines, and the strong support of the 200-day moving average is a reason to remain optimistic in the coming weeks. Alex Thorn, head of research at Galaxy Digital, previously estimated that only 65,000 of the total 141,000 bitcoins will actually enter the market - significantly reducing the expected sell-off.