Bitcoin Price Prediction: BTC Plunges 3% as Mt. Gox Moves $784M and This Solana-Powered GameFi Crypto Closes at $2M

bitcoin price plummeted 3% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $59,553 at 3:18 a.m. EST on trading volume that fell 7% to $27 billion.

This comes as an address associated with the defunct cryptocurrency exchange Mt. Gox moved 13,265 btc worth $784 million.

According to Alex Thorn, head of research at Galaxy Digital, the latest batch of btc on-chain movement may not translate into substantial selling pressure.

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CORRECTION: In a previous tweet I said MT Gox had sold $1.5 billion on-chain. It was half of that: $700 million. (Sorry, I misread my alerts)

And now we think that of the 13,265 btc moved in this transaction, only 1,265 ($74.5 million) is destined for distribution, and 12,000 will go into real estate cold storage.

So, very small

— Alex Thorn (@intangiblecoins) twitter.com/intangiblecoins/status/1826081953696690540?ref_src=twsrc%5Etfw”>August 21, 2024

bitcoin price could still rise

bitcoin price has been in a consolidation phase since Aug. 8 as btc is trading in a sideways pattern within the $61,000 resistance and $56,665 support zone, according to data from GeckoTerminal.

btc has now crossed above the 50-day simple moving average (SMA), suggesting that bitcoin price could trend higher in the near term.

Additionally, the Relative Strength Index (RSI) also appears to be bouncing off the mid-50 level, currently at 51, indicating increasing buying pressure.

If the buying continues, the bitcoin price could break above the upper boundary of the sideways pattern. The bulls are aiming to break above the 200-day simple moving average (SMA) at $62,255, while targeting $64,000.

However, if bitcoin price breaks the lower boundary of the pattern at $56,645, btc could fall further to find support around $54,635.

Meanwhile, as bitcoin price looks set for a bullish rally, other investors are rushing to buy a new GameFi token on Solana called Mega Dice (DICE) that Prominent YouTube channel 99Bitcoins says it could skyrocket 100-fold after launch.

Mega Dice pre-sale raises over $1.7 million

Mega Dice pre-sale is approaching $2 million in pre-sale funds raised.

Mega Dice’s influence on cryptocurrency gaming is evident with its growing player base of over 50,000 people, who wager an average of over $50 million monthly.

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-Mega Dice Casino (@megadice) twitter.com/megadice/status/1817862644566511685?ref_src=twsrc%5Etfw”>July 29, 2024

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