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Massive Selling Pressure on Bitcoin Delayed for a While, Will BTC Price now Make it Above $25,000?

28 Aug, 20222 min readBitcoin
Massive Selling Pressure on Bitcoin Delayed for a While, Will BTC Price now Make it Above $25,000?

It was a couple of months ago, that the executive of Mt.Gox hinted at the distribution of nearly 150K Bitcoin and many speculated these would flood the market. However, this round of news hardly impacted the BTC price as the investors were quite sure of a delay again.

The popular exchange MT Gox recently has again deferred its rehabilitation plan which was recently confirmed by one of its trustees.

BREAKING:Mt. Gox will not be releasing the #Bitcoin, and will delay the distribution, once again. The entire crypto space was stressing out heavily on this, but unwarranted.— Michaël van de Poppe (@CryptoMichNL) August 28, 2022

The analyst here sheds light on the FUD being circulated within the crypto space with the rounds of accomplishment of the rehabilitation plan. While the fear of the 150K BTC flood in the market has been differed at the moment, will the price receive the boost required to secure levels above $25,000 before the end of August’s trade?

Bitcoin (BTC) Price to Rising by 80% in January 2023

The star crypto has been trading along $20,000 for nearly 24 hours which displays a huge tendency of the asset to go long. However, the bulls appear to remain a little distinct as the uncertain clouds continue to hover over the BTC price at the moment.

Expecting at least +80% price increase for #BTC in January. Massive falling wedge on the weekly playing outTarget: $34.000 Prepare for it — Doctor Profit (@DrProfitCrypto) August 28, 2022

The analyst here refers to a huge bullish pattern which on a breakout may rise extremely high to drag the asset above the bearish pressure. The BTC price in the higher time frame has been trading within a huge falling wedge but has yet to reach the apex of the consolidation.

Therefore, once the Bitcoin(BTC) price breaks above the pattern, it may rise by more than 80% to hit $34,000 in January 2023.

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