Bitcoin, recently suffering from bearish sentiment, has gained momentum from an announcement by the defunct crypto exchange Mt.Gox regarding creditor reimbursement.

Mt.Gox's Reimbursement Announcement

Recently, it was announced by the defunct exchange Mt.Gox that the base repayments for creditors who completed the necessary procedures have largely been completed. However, a significant number of creditors have yet to receive their compensation due to delays in completing the procedures. In this regard, court orders have extended the repayment deadline to October 31, 2025.

What's Next for Bitcoin Price?

According to data from Arkham Intelligence, Bitcoin addresses associated with Mt.Gox currently hold about 44.9k BTCs, worth around $2.75 billion. Based on historical data analysis, veteran trader Peter Brandt speculates that the Bitcoin price could retest the support level around $48k before rallying to a new all-time high in the coming months. However, Brandt’s target of $135k by the third quarter of 2025 would be invalidated if Bitcoin consistently closes below $48k.

Impact of Global Economic Changes

The Bitcoin price is expected to follow in the footsteps of Gold, which is already in price discovery. Additionally, the ongoing shift in global economic outlook, escalated by recent Fed rate changes, the upcoming 2024 U.S. general election, and the global geopolitical crisis, favors liquidity addition in the crypto market. Consequently, more institutional investors, such as MicroStrategy, Metaplanet, and BlackRock, have been deploying funds in the Bitcoin market in anticipation of a significant bull run ahead.

Recent events surrounding Mt.Gox and changes in the global economy are creating favorable conditions for Bitcoin's growth. Institutional investors are actively preparing for a potential bull market.