Crypto Jebb recently delivered a revealing analysis of market dynamics following the impending release of $9 billion worth of stolen Bitcoin from the 2014 Mt. Gox hack. The CoinSpeech team collected the most important takeaways from his recent appearance. You can find the Crypto Jebb’s new video below.
Mt. Gox Repayments: The Catalyst for Market Panic
In 2014, the Mt. Gox cryptocurrency exchange lost about 850,000 Bitcoin, triggering a 74% crash in Bitcoin’s value. While around 140,000 Bitcoin were recovered, the remaining $9 billion worth of Bitcoin is scheduled to be redistributed next month to some 127,000 creditors. Crypto Jebb asks, “If you had been holding Bitcoin at $600 or $700 and now Bitcoin is trading at $60,000 or $70,000, would you sell that Bitcoin for a 100x return?” The market is saying ‘yes,’ and it’s this sell-off that is causing Bitcoin to plummet.
Bitcoin’s Current Technical Landscape
Bitcoin has fallen through critical support levels, potentially signaling more declines if it breaks the $60,000 mark. Crypto Jebb elaborates, “If we drop below this level, it will not be an inverse Head and Shoulders pattern which gives us a price target up towards approximately $91,000. Instead, it will be a descending widening fan.”
Altcoins and Ether ETFs: More Risks Loom
The broader cryptocurrency market is also experiencing significant downturns. Coins like Solana, Dogecoin, and Cardano have all fallen. Ethereum in particular might see a 30% drop following the launch of its ETF. Jebb assures, “The good news is after we see billions flow into the ETFs… Ethereum will likely rally back up towards and above an all-time high.”
Presidential Debates: Bitcoin, a Political Hot Topic
In a first for U.S. presidential debates, Bitcoin is predicted to be a topic. “Bitcoin is legitimized enough that it is a front and center political issue,” notes Jebb. This could broaden the digital currency’s acceptance and drive future investments.
Long-term Strategies: Dollar-Cost Averaging and Retirement
For those looking at Bitcoin and Ethereum as long-term investments, Jebb emphasizes the importance of consistency: “I just am going to buy it on a regular basis which is what you should consider doing as well.” As institutional acceptance grows, the projection for recommending 5-10% of retirement investments in Bitcoin and Ethereum seems likely within the next decade.