Crypto expert Crypto Jelle says that Bitcoin is still in a good position, even after a lot of Bitcoin was moved from the old Mt. Gox exchange.
Mt. Gox Transfers
Mt. Gox, a Bitcoin exchange that went bankrupt in 2014, moved about $9 billion worth of Bitcoin to an unknown wallet on Monday. This is the first time the exchange has moved money in over five years.
Some people were worried that this could cause the price of Bitcoin to drop, but it didn’t.
Bitcoin’s Price
After the transfers, Bitcoin’s price dropped to $67,500, but it quickly recovered to $68,000.
Crypto Jelle says that Bitcoin is still in a “bullish flag” pattern, which means it’s likely to go up in price. He says that if Bitcoin can break above $70,000, it will be a sign that it’s going to keep going up.
Short-Term Price Action
In the short term, Bitcoin is moving sideways, but Crypto Jelle thinks it will recover soon.
Before the Mt. Gox transfers, Bitcoin was trading at $70,580. Now, it’s trading at $67,581, which is a 0.33% drop in the last 24 hours.
