The repayment by FTX marks a new chapter for this company that once dominated the cryptocurrency industry.
Some cryptocurrency traders believe that the allocation of these funds will drive up the price of Bitcoin. They think that many of the creditors receiving the funds may reinvest a portion back into the cryptocurrency market, with some directly purchasing Bitcoin, others possibly choosing to buy spot BTC ETFs, and some may invest in Ethereum and other altcoins. However, there are differing opinions. They argue that while an increase in market liquidity is generally a good sign, FTX's repayment may not have a significant impact on Bitcoin's price.
On one hand, it is still unclear whether most of these creditors will choose to buy Bitcoin; on the other hand, the allocation of these funds may have already been priced in by market participants.
Bitcoin price trend analysis: Two bullish patterns From the weekly chart, Bitcoin's price seems poised for a breakout in the coming weeks. This is because the token has formed a cup and handle (C&H) pattern from November 2021 to November 2024. This pattern has a rounded bottom and a consolidating top, which is usually a signal for price continuation upward.
Feeling lost and unable to find a way out? The market is turbulent right now, walking alone is lonely, I am the Wind God, only those who resonate with the same frequency can gather together!
