{"id":552009,"date":"2023-09-19T21:00:06","date_gmt":"2023-09-19T21:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=552009"},"modified":"2024-06-11T07:06:28","modified_gmt":"2024-06-11T07:06:28","slug":"bitcoin-sees-sudden-boost-amid-mt-gox-rumors-but-qcp-capital-targets-22000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-sees-sudden-boost-amid-mt-gox-rumors-but-qcp-capital-targets-22000\/","title":{"rendered":"Bitcoin Sees Sudden Boost Amid Mt. Gox Rumors, But QCP Capital Targets $22,000"},"content":{"rendered":"<p>The cryptocurrency market, notably dominated by Bitcoin, has always been a terrain of speculation and market sentiment. Rumors and speculations have surfaced with Bitcoin&#8217;s recent slight uptick in value<span class=\"selectable-text copyable-text\">. Market insiders <a href=\"https:\/\/t.me\/QCPbroadcast\/1069\" target=\"_blank\" rel=\"noopener nofollow\">point<\/a> towards the potential delay of the Mt. Gox repayments as a key driver. <\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">However, QCP Capital, a crypto trading firm, remains skeptical about a <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-begins-rally-as-franklin-templeton-joins\/\" target=\"_blank\" rel=\"noopener \">sustained rally<\/a> and <a href=\"https:\/\/wncen.com\/bitcoin-news\/crypto-fund-flows-millions-exit-bitcoin-but-these-three-coins\/\" target=\"_blank\" rel=\"noopener \">holds a bearish outlook<\/a>, indicating that global economic factors could play against the cryptocurrency.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/crypto-fund-flows-millions-exit-bitcoin-but-these-three-coins\/\" target=\"_blank\" rel=\"noopener \">Crypto Fund Flows: Millions Exit Bitcoin, But These Three Coins Hold Their Ground<\/a><\/div>\n<h2><span class=\"selectable-text copyable-text\">Mt. Gox Delay Rumors Fuel Bitcoin Rally<\/span><\/h2>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Mt. Gox, the once-dominant Bitcoin exchange that faced a <a href=\"https:\/\/www.theguardian.com\/technology\/2014\/feb\/28\/bitcoin-mtgox-bankruptcy-japan\" target=\"_blank\" rel=\"noopener nofollow\">sudden downfall in 2014<\/a>, is back in the news. With the April deadline for its creditors to submit repayment information having passed, there was an expectation of repayments by the end of October. <\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">But recent rumors suggest a delay in this timeline to 2024. These speculations seem to have significantly influenced Bitcoin&#8217;s price dynamics. <\/span><span class=\"selectable-text copyable-text\">QCP Capital, in its market analysis, notes:<\/span><\/p>\n<blockquote>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">A large reason we&#8217;re seeing for this bounce is rumors of a Mt. Gox delay to 2024.<\/span><\/p>\n<\/blockquote>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">The trading firm believes many might have taken a short position expecting repayments soon, and any official delay announcement might spur a considerable short squeeze in the market.<\/span><\/p>\n<p dir=\"ltr\"><span class=\"selectable-text copyable-text\">However, the very nature of this rally has made experts cautious. Mt. Gox has a sizable cache of assets set for distribution, including 142,000 BTC (worth approximately $3.9 billion), 143,000 BCH, and 69 billion Japanese yen. Such a vast amount entering the market might create unpredictable price movements.<\/span><\/p>\n<h2 dir=\"ltr\"><span class=\"selectable-text copyable-text\">QCP Capital\u2019s Cautionary Stance<\/span><\/h2>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Despite the recent price rally, QCP Capital&#8217;s forecast for Bitcoin remains bearish. The firm is still eyeing the $22,000 mark for BTC in the forthcoming month. They expect this <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoins-next-move-crypto-analyst-predicts\/\" target=\"_blank\" rel=\"noopener \">uptick to be &#8220;short-lived<\/a>,&#8221;\u00a0with global risks looming over the cryptocurrency market in the fourth quarter.<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Further dissecting the market movements, QCP mentioned:<\/span><\/p>\n<blockquote>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">The current Wave 2 of our C Wave expanded flat has so far bounced which we expected, but we still need to see the crucial Wave 3 that breaks the local lows for our count to be intact.<\/span><\/p>\n<\/blockquote>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">A break above $32,000 would invalidate their current assessment, according to the firm. <\/span><span class=\"selectable-text copyable-text\">While the imminent Federal Open Market Committee (FOMC) interest rate decision looms large, QCP sees a parallel to the <a href=\"https:\/\/wncen.com\/bitcoin-news\/gbtcs-discount-narrows-amid-bitcoins-downturn-but-a-bullish-trend-is-coming\/\" target=\"_blank\" rel=\"noopener \">market conditions<\/a> of 2020, right before the infamous Covid crash. <\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Although there\u2019s market speculation around a potential volatility squeeze, QCP believes that a pause in rate hikes by the FOMC is the more likely outcome.<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">But challenges persist, &#8220;At the same time, we do not see how Powell can assuredly call an end to this hiking cycle,&#8221; the firm adds, pointing to rising inflation and other economic factors. Additionally, concerns about a potential US government shutdown and increasing oil prices add to the economic uncertainty.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoins-next-move-crypto-analyst-predicts\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s Next Move: Crypto Analyst Predicts $45,000 Price Ahead Of Halving<\/a><\/div>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">In QCP&#8217;s assessment, the stock market might witness a downturn without Federal Reserve intervention, potentially dragging Bitcoin with it. The firm concluded:<\/span><\/p>\n<blockquote>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">In such a scenario without Fed easing, equities will likely be down, taking Bitcoin down along with it until the Fed acts.<\/span><\/p>\n<\/blockquote>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/mviTRZOc\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p dir=\"ltr\">Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency market, notably dominated by Bitcoin, has always been a terrain of speculation and market sentiment. Rumors and speculations have surfaced with Bitcoin&#8217;s recent slight uptick in value. Market insiders point towards the potential delay of the Mt. Gox repayments as a key driver. However, QCP Capital, a crypto trading firm, remains skeptical about a sustained rally and holds a bearish outlook, indicating that global economic factors could play against the cryptocurrency. Related Reading: Crypto Fund Flows: Millions Exit Bitcoin, But These Three Coins Hold Their Ground Mt. Gox Delay Rumors Fuel Bitcoin Rally Mt. Gox, the once-dominant Bitcoin exchange that faced a sudden downfall in 2014, is back in the news. With the April deadline for its creditors to submit repayment information having passed, there was an expectation of repayments by the end of October. But recent rumors suggest a delay in this timeline to 2024. These speculations seem to have significantly influenced Bitcoin&#8217;s price dynamics. QCP Capital, in its market analysis, notes: A large reason we&#8217;re seeing for this bounce is rumors of a Mt. Gox delay to 2024. The trading firm believes many might have taken a short position expecting repayments soon, and any official delay announcement might spur a considerable short squeeze in the market. However, the very nature of this rally has made experts cautious. Mt. Gox has a sizable cache of assets set for distribution, including 142,000 BTC (worth approximately $3.9 billion), 143,000 BCH, and 69 billion Japanese yen. Such a vast amount entering the market might create unpredictable price movements. QCP Capital\u2019s Cautionary Stance Despite the recent price rally, QCP Capital&#8217;s forecast for Bitcoin remains bearish. The firm is still eyeing the $22,000 mark for BTC in the forthcoming month. They expect this uptick to be &#8220;short-lived,&#8221;\u00a0with global risks looming over the cryptocurrency market in the fourth quarter. Further dissecting the market movements, QCP mentioned: The current Wave 2 of our C Wave expanded flat has so far bounced which we expected, but we still need to see the crucial Wave 3 that breaks the local lows for our count to be intact. A break above $32,000 would invalidate their current assessment, according to the firm. While the imminent Federal Open Market Committee (FOMC) interest rate decision looms large, QCP sees a parallel to the market conditions of 2020, right before the infamous Covid crash. Although there\u2019s market speculation around a potential volatility squeeze, QCP believes that a pause in rate hikes by the FOMC is the more likely outcome. But challenges persist, &#8220;At the same time, we do not see how Powell can assuredly call an end to this hiking cycle,&#8221; the firm adds, pointing to rising inflation and other economic factors. Additionally, concerns about a potential US government shutdown and increasing oil prices add to the economic uncertainty. Related Reading: Bitcoin\u2019s Next Move: Crypto Analyst Predicts $45,000 Price Ahead Of Halving In QCP&#8217;s assessment, the stock market might witness a downturn without Federal Reserve intervention, potentially dragging Bitcoin with it. The firm concluded: In such a scenario without Fed easing, equities will likely be down, taking Bitcoin down along with it until the Fed acts. Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790,6664,3066,87662],"class_list":["post-552009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-crypto","tag-mt-gox","tag-qcp-capital"],"acf":[],"yoast_head":"\n<title>Bitcoin Sees Sudden Boost Amid Mt. Gox Rumors, But QCP Capital Targets $22,000<\/title>\n<meta name=\"description\" content=\"The cryptocurrency market, notably dominated by Bitcoin, has always been a terrain of intense speculation and market sentiment. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/wncen.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Sees Sudden Boost Amid Mt. Gox Rumors, But QCP Capital Targets $22,000","description":"The cryptocurrency market, notably dominated by Bitcoin, has always been a terrain of intense speculation and market sentiment. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Sees Sudden Boost Amid Mt. 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