We tell you why Bitcoin fell and what cryptocurrency forecasts are given by members of the crypto community.
What's happened
On December 26, 2023, Bitcoin went into decline. At the moment, the cryptocurrency lost more than 4% of its value. After BTC began a correction. As of this writing, the coin is trading at $42,441.
Following Bitcoin, most other cryptocurrencies also showed negative dynamics.
Why did Bitcoin fall?
Bitcoin fell on news that creditors of Mt. Gox started receiving payments. Let us remind you that the trading platform team filed for bankruptcy after being hacked in 2014. Agreeing on a settlement scheme with creditors took years. In November 2023, representatives of the crypto exchange promised to begin payments before the end of December.
Under the control of Mt. Gox 200 thousand bitcoins or almost 1% of the entire cryptocurrency issue. Of these, about 140 thousand BTC will be distributed among creditors.
The number of bitcoins controlled by private companies. Source: buybitcoinworldwide
Even though the crypto exchange's largest lender has decided not to sell Bitcoin, the sale of cryptocurrency by other debt recipients could put pressure on the market. However, analysts are confident that the return of money to Mt. creditors. Gox will not significantly affect the BTC price.
Members of the crypto community joke that over the years of squabbles between the crypto exchange and creditors, the market is already tired of being afraid of the consequences of resolving the conflict.
Bitcoin forecast
Members of the crypto community do not see anything wrong with the Bitcoin correction amid news of payments to Mt. creditors. Gox. The majority has a positive outlook.
Popular blogger in the crypto community Matthew Hyland noticed to a decrease in the RSI indicator to levels that were last recorded when BTC was trading at $27 thousand. From the point of view of technical analysis, such behavior of the RSI may indicate the imminent completion of the Bitcoin correction. Also on the prospect of renewed growth of BTC, in his opinionindicates narrowing Bollinger Bands.
Many are waiting from Bitcoin updating the local maximum in early 2024. According to For a number of investors, a breakthrough of the $50 thousand level is ahead of BTC. Some members of the crypto community sure is that the BTC correction is nothing more than a bear trap.
The positive forecast for Bitcoin was supported by the popular trader Doctor Profit. He shared with its subscribers information about opening long positions from the level of $41,900.
Analyst Michael van de Popp, in turn, waiting Bitcoin's continued sideways movement, for which he defined a wide range. Support, in case of further decline, according to his observations, is at the levels of $36-39 thousand, and resistance is at the levels of $47-50 thousand.
Bitcoin chart markup by Michael van de Popp
Source: Cryptocurrency
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