Bitcoin Price Prediction: K33 Warns Mt. Gox’s $9B Overhang Could “Spook The Market” As Investors Rush To Buy This Bitcoin Derivative With Just 4 Days Left

The Bitcoin price rose by a fraction of a percentage in the last 24 hours to trade at $66,690 as of 01:16 a.m. EST on trading volume that dropped 3% to $24 billion.

This comes as K33 Research analysts say that the speculated return of more than $9 billion worth of Mt. Gox-era Bitcoin in the coming weeks could “spook the market” and, in turn, put negative price pressure on Bitcoin.

Mt. Gox’s 142,000 Bitcoin Payout

Trustee announces payout plan: 142,000k BTC, 143k BCH, & 69 Billion Yen to be distributed.

Repayment possible by Oct 31, 2024 pic.twitter.com/n0iOYYmZUk

— Kashif Raza (@simplykashif) April 22, 2024

Creditors of the failed Mt. Gox crypto exchange reported seeing updates on their claims earlier this week, leading them to conclude that crypto payments could be coming soon. The updates indicated how much cryptocurrency and fiat were owed to creditors and the completed repayment dates.

“Mt. Gox coins could become a relevant negative price contributor in the next weeks,” said the analysts.

Bitcoin Price Set To Continue Its Rebound Over The Bullish Pennant

The Bitcoin price was in a consolidation channel at the beginning and in the middle of last year. However, the bulls have shown much resilience since November, pushing the price steadily and hitting resistance at around $49,000 in January.

However, from February, Bitcoin sustained bullish momentum, surpassing the previous all-time high (ATH) at $68,000, to $73,737. This acted as the immediate resistance level that the bulls have not been able to reclaim, with BTC fluctuating within the bullish pennant, as it tries to break out.

BTC is currently trading above the 50-day Simple Moving Average (SMA), a confirmation of the bullish momentum. If the bulls sustain this stance, BTC could soar past the 200-day SMA hurdle at $67,177.

Additionally, the Relative Strength Index (RSI) is rebounding from the 30-oversold level to 62, an indication of an investor buying frenzy. Suppose the bullish rally is sustained. The RSI could eventually cross the 70-overbought region, an indication of intense buying pressure.

Bitcoin Price Prediction

The Bitcoin price analysis on the 4-hour chart indicates that Bitcoin could be on a breakout towards a bullish run, with the price surging towards the upper boundary of the bullish pennant. If BTC crosses the boundary and breaches the immediate resistance at $73,737, the bulls could propel the price to the target of $85,000.

The movements of the RSI and the golden cross at $67,669 provide bullish sentiments for optimistic investors, further cementing the upward potential.

However, the RSI heading to the overbought region could signal an incoming price correction. In this case, the price may rise to around $69,985 before retracing back to the support zone at $64,311.

Meanwhile, investors are also buying Bitcoin Minetrix, a Bitcoin derivative in presale that has four 4 days left to buy before it lists.

Bitcoin Minetrix Offers Last Chance To Buy – Presale Ends In 4 Days

The Bitcoin Minetrix (BTCMTX) presale has raised more than $13.2 million. The token, on its final round of a thirty-nine-round ICO, has a fixed price of $0.0148 until the conclusion of the ICO at 12:00 UTC, Sunday, April 28. Claim will follow thereafter on April 30th at 10:00 UTC.

#BTCMTX Announcement! 📢

The final stage of #BitcoinMinetrix will be ending on April, 28th at 12 pm UTC! ⏰

Followed by the Claim event scheduled for April, 30th at 10 pm UTC! 🚀

Mark your calendars to ensure you don't miss out on these important dates! 🗓️ pic.twitter.com/s8RSTqlj6I

— Bitcoinminetrix (@bitcoinminetrix) April 22, 2024

Bitcoin Minetrix deploys Ethereum smart contracts to allow investors to earn a higher yield through a staking protocol that actually mines real Bitcoin. With this protocol, investors can easily access cloud mining with minimal cost, enabling them to avoid the complexity and resource-intensive nature of the activity.

Embarking on the journey with #BitcoinMinetrix! ⛏️

Revolutionizing decentralized $BTC mining, reshaping cloud mining with #BTCMTX #Tokens, ensuring unrivaled security and transparency.

Simplified to perfection! 🚀🔒 pic.twitter.com/ZVPeDsvTXQ

— Bitcoinminetrix (@bitcoinminetrix) April 23, 2024

The project returns crypto to its fundamental ethos of decentralization by putting mining capabilities in everyone’s hands.

Users can currently stake their BTCMTX to earn more BTCMTX during the presale, with an impressive annual percentage yield of 53%. After Bitcoin Minetrix launches, staking users will receive cloud-mining credits representing hash power.

Cryptonews, a prominent crypto channel on YouTube, believes that BTCMTX has the potential to soar 20X after launch.

To take part in the presale, visit the BTCMTX official website here and swap your ETH or USDT for BTCMTX. You can also make purchases directly using a bank card.

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