Bitcoin chart

Bitcoin moves lower yet again, now trading at $7900 and down from $13275 since the beginning of the year. Certainly, the halcyon days of performance gains from 2017 seem long gone. And in my view, this could be the situation for at least 6 months – my theory is based around the situation regarding the liquidation of the Mt. Gox Exchange, and the appointed trustee to handle the bankruptcy.

Colloquially this individual is known as the Tokyo Whale. This individual has already sold around $400 million worth of both BTC and BTC cash and is likely the main catalyst for this year’s down move. Interestingly, there is still around 3 times this amount to potentially hit the market.

In my view, prices on BTC will remain depressed until this situation is complete.

Chief Trader,

Jordan Hiscott

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