The post Mt. Gox Sell-offs Push Bitcoin Toward $60k appeared on BitcoinEthereumNews.com.

SPONSORED POST* Bitcoin has enjoyed an impressive year, with prices rising from $44,000 at the start of the year to test $70,000 resistance on several occasions thanks to the successful launch of spot ETFs and a maturing market. However, June has been a difficult month for Bitcoin bulls. The BTC price, which started at $68,000 and once again tested $70,000 on June 5th, has retreated to test $60,000 support. According to analysts, if support breaks, investors can expect prices to fall back to around $50,000 before a possible bullish break upwards. Some of the retraction is likely to be a correction for increases earlier in the year, but it is also fuelled by an impending selloff of Mt. Gox holdings, as well as the German government moving millions of dollars of seized Bitcoins to exchanges.  Still the Must-Have Crypto While all this unfolds, demand for Tether is also down, suggesting there is reduced interest in cryptocurrency at this time. Since it suffers from less volatility than altcoins, and because the price has corrected before another possible attempt to take $70,000 resistance, Bitcoin is still seen as the best crypto to buy now for long-term returns.  According to Kane Pepi, between well-established assets like Ether and promising ones like PlayDoge, there is a high potential for returns among such coins. However, some analysts also believe Bitcoin prices could go as high as $1 million after the next halving event, set to take place in 2028. While a 1,500% increase seems unlikely, such increases have been seen during previous mega bull runs and halving events. Impending Mt. Gox Selloff On June 24, trustees for the now-bankrupt Mt. Gox exchange said they would start distributing Bitcoin to creditors in the first week of July. Approximately 140,000 Bitcoins are expected to be moved, with…

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Filed under: News - @ August 6, 2024 11:20 am