The release of bitcoins by MtGox would lead to a drop in the price.
In the short term, there could be one last push higher towards $34,000.
In his most recent video posted on YouTube, analyst Juan Rodríguez shared his vision of the current situation of bitcoin (BTC) and highlighted what he considers to be the next “best area to accumulate” more of this digital currency.
According to their projection, the third quarter of 2023 will be bearish for the price of BTC. Among other factors, the release of BTC from the defunct MtGox exchange could lead to this behavior. As reported by CriptoNoticias, those BTC would be delivered to the plaintiffs until October of the current year. It is worth clarifying that this release has already been postponed several times.
The Colombian analyst considers that, therefore, the third quarter would present a good zone to accumulate BTCas a way to be prepared for the appreciation that the cryptocurrency would have after the halving of 2024, which would take it to new all-time highs in 2025.
For the immediate future, Rodríguez shows that there are mixed signals. Bitcoin could reach the USD 34,000 area in June if certain conditions are met related to the US employment report (which was already published this morning) and the consumer price index that will be released at mid-term. of June. On the other hand, if they do not come out as planned, that short-term bullish scenario would be annulled.
As it has done in previous analyses, the driver of “Bitcoin and cryptos» (channel formerly called «Dad bitcoin and cryptos») referred to the average price at which BTC was bought in the last 6 months. Currently that figure is at USD 25,800 and as long as the BTC price remains above it, the upward trend can be considered to continue. At the time of this publication, each BTC is trading at USD 27,060.
It is worth remembering that Juan Rodríguez’s analysis is based on price models and should not be taken as a recommendation or financial advice. Each investor is responsible for doing their own research. In an interview that he had with CriptoNoticias, the specialist himself explained that “many price models are broken, because, precisely, they are for that.”