Bitcoin Price Prediction: Tony Sycamore Says Mt. Gox Sell Pressure Won’t Be So Bad As Traders Flock To This BTC Derivative For Its 745% APY

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The
Bitcoin
price
is
down
by
almost
2%
in
the
past
24
hours
to
trade
for
$61,330
as
of
03:09
a.m.
EST,
on
trading
volume
that
soared
144%.

A
rise
in
trading
volume
indicates
increased
activity
and
interest
in
trading
BTC.
This
heightened
trading
volume
combined
with
a
price
drop
could
indicate
increased
volatility
in
the
market.
With
this
manner
of
uncertainty,
the
BTC
Fear
and
Greed
Index
is
30,
signifying
fear.

Meanwhile,
markets
are
digesting
the
massive
overhead
pressure
on
BTC.
This
is
following
reports
that
the
German
government
and
Mt.
Gox
are
selling their BTC.

Based
on
the
report,
Mt.
Gox
scheduled
repayments
of
$8.5
billion
worth
of
Bitcoin
to
creditors
in
July.
In
a
statement
to
Cointelegraph,
IG
Markets
analyst
Tony
Sycamore
says
this
sell-off
may
not
be
so
bad
for
the
Bitcoin
price
as
many
expect.

“The
repayments
have
been
coming
for
a
long
time,”
he
said,
acknowledging,
“They
are
happening
against
the
backdrop
of
deteriorating
market
sentiment,
technical
selling,
and
outflows
from
the
Bitcoin
ETFs.”
As
such,
Sycamore
believes
that
much
of
the
speculative
“hot
money”
in
crypto
had
left
to
chase
“greener
pastures”
in
mega-stocks
like
Nvidia
and
Apple
in
the
equities
market.

The
analyst
believes
that
while
the
sell-off
is
expected,
the
Bitcoin
price
sits
on
strong
support
on
the
200-day
moving
average,
which
could
provide
a
good
inflection
point
for
recovery.
“I
think
we’ve
just
had
a
flush.
The
cause
of
the
flush
is
all
of
these
effects
culminating
in
the
expectations
of
Mt.
Gox
selling,”
he
said,
adding,
“I
suspect
it
probably
offers
a
pretty
good
entry
point
for
people
that
have
been
holding
on
for
better
buying
levels.”

Bitcoin
Price
Prediction

The
Bitcoin
price
is
attempting
a
recovery,
recording
a
green
candlestick
on
the
one-day
timeframe.
However,
BTC
remains
in
the
thicket
seeing
as
bullish
momentum
remains
weak.
For
starters,
the
Relative
Strength
Index
(RSI)
remains
below
the
mean
level
of
50,
with
prevailing
lower
highs.

The
Moving
Average
Convergence
Divergence
(MACD)
is
also
in
negative
territory
and
below
the
signal
line
(orange
band).
This
suggests
that
the
short-term
moving
average
is
below
the
long-term
moving
average,
indicating
a
potential
downward
trend.

Traders
often
interpret
this
as
a
signal
to
consider
selling
positions
or
to
be
cautious
about
taking
long
positions.
This
stands
until
the
MACD
moves
back
above
the
signal
line
or
into
positive
territory,
signaling
a
potential
bullish
reversal.

Increased
selling
pressure
could
see
the
Bitcoin
price
lose
support
at
the
78.6%
Fibonacci
retracement
level
of
$60,286.
Such
a
move
would
see
the
BTC
price
sweep
the
liquidity
that
resides
below
the
aforementioned
level.
In
a
dire
case,
the
pioneer
crypto
could
extend
a
leg
down
to
test
the
bottom
of
the
market
range
at
$56,670.

Bitcoin price

Bitcoin price


GeckoTerminal:
BTC/USD
1-day
chart

On
the
other
hand,
if
the
bulls
buy
the
dip,
the
Bitcoin
price
could
push
north.
Nevertheless,
only
an
escape
above
the
Fibonacci
Golden
Zone
at
the
38.2%
Fibonacci
retracement
level
of
$67,114,
confirmed
by
a
candlestick
close
above
the
23.6%
Fibonacci
level
of
$69,581
would
vindicate
BTC
from
bearish
hands.

A
stable
or
decisive
candlestick
close
above
the
aforementioned
level
would
set
the
pace
for
reclamation
of
the
peak
of
the
market
range
of
$73,570.
Such
a
move
would
constitute
a
climb
of
20%
above
current
levels.

Meanwhile,
investors
are
flocking
to
99Bitcoin
(99BTC),
the
latest
Bitcoin
derivative
token
that
is
poised
for
parabolic
gains,
YouTuber
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The
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Presale
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This
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