Leading Analyst Shares Prediction on How Mt Gox Dump Will Affect Bitcoin Price

Insightful Analysis on the Potential Impact of Mt Gox Bitcoin Dump on Market Price

Renowned analyst and fervent Bitcoin supporter, Fred Krueger, has shared his predictions on how the distribution of Bitcoins from the collapsed cryptocurrency exchange Mt Gox will affect the market price. Krueger suggests that around 100,000 Bitcoins will be distributed by Mt Gox starting in July. While research firm Galaxy estimates the amount allocated to individual users at 65,000 BTC, with at least 6,500 BTC being liquidated, Krueger believes the actual figures may be higher, potentially reaching 13,000 BTC.

To put this figure into perspective, it is roughly equivalent to the amount MicroStrategy recently purchased for $780 million. Remarkably, Krueger points out that this significant acquisition did not noticeably impact the market.

While the exact distribution schedule is unknown, it is expected to span over several months, introducing an element of uncertainty to the market. Despite this upcoming event, Krueger asserts that the market has already factored it in. Bitcoin’s market value had experienced a $120 billion drop last week; hence, Krueger argues that even with a 40x multiple, the Mt Gox distribution has not only been priced in but has been vastly exceeded.

Please note that this analysis is not intended as investment advice.