A widely watched cryptocurrency analyst has warned that there is an elephant in the room that could trigger another sell event for the cryptocurrency Bitcoin (BTC).
In a new strategy session, DataDash host Nicholas Merten told his 512,000 YouTube subscribers that the dormant sell-side pressure from the Mt. He said he may set foot in the
“The Mt Gox Trust [cause the price of BTC to dip]or more specifically, whether this long-awaited unloading of Bitcoin to its original owner occurs due to pressure from the owner to finally allow access to that Bitcoin.
The second question is whether the sell from there will bottom out. As we saw in the last bull market, [Mt. Gox’s BTC] I didn’t even have half of my stock.Decreased from about 200,000 to 137,000 [BTC]This kind of selling pressure, or in this case, if Bitcoin were unloaded into the open market supply, what would that mean for the price?”
Mt. Gox is a Japan-based cryptocurrency exchange. Bankruptcy after being hacked in 2014. In July 2022, it was announced that it would repay former customers as part of bankruptcy proceedings.
Merten said Mt. Gox’s BTC payments to former clients could be a huge source of sell-side liquidity.
“I think this means the sell-side pressure will be huge. Anyone who has had bitcoin since it was in the double digits, triple digits, tens or hundreds of dollars, is an asset We feel that we have exhausted our bitcoin as a token, so we will want to start taking profits.”
Bitcoin is trading at $17,195 at the time of writing.
Me
Don’t miss a beat – subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitterfacebook, telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Generated image: DALLE-2
