Bitcoin Price Prediction: As Mt. Gox Creditors Flag Brute Force Attacks, Analysts Rave About This New Learn-To-Earn Crypto

The Bitcoin price is up a fraction in the past 24 hours and 10% in a week to trade for $64,635 as of 07:00 a.m. EST on volume that slumped 25%.

The lack of momentum comes amid uncertainty after Mt. Gox creditors flagged so-called brute force attacks.

After making headlines over its creditor repayments, the infamous crypto exchange that collapsed in 2014 is now in turmoil as clients report hack attempts on their accounts.

In a Reddit report, multiple clients cited unauthorized login attempt notifications, with some noting that it followed legitimate communication from Mt. Gox.

With some sharing screenshots displaying numerous unauthorized access attempts, the creditors are concerned about possible “brute-force” attacks.

Mt. Gox creditors also claim that the website has gone offline for maintenance amid numerous reports of unauthorized login attempts.

Creditors are demanding answers amid speculation of a cyberattack.

The news is turning heads because of the timing. Citing one user, “Any ideas why they would raid the system now? The coins are already at Kraken.”

Kraken exchange confirmed receiving the repayments, committing to distribute Bitcoin (BTC) and Bitcoin Cash (BCH) to Mt. Gox creditors within 7-14 days after receiving funds from trustees.

This comes after Mt. Gox distributed 36% of the Bitcoin owed to creditors. The fallen exchange transferred more than 140,000 Bitcoin worth approximately $9 billion to a known cold wallet and two unknown addresses.

This significant movement of funds has intensified scrutiny on the exchange’s security measures.

Bitcoin Price Prediction

The Bitcoin price is trading with a bullish bias, and bullish momentum abounds, promising more gains. The position of the Relative Strength Index (RSI) above the mean level of 50 shows that bullish momentum still abounds in the BTC market.

The Moving Average Convergence Divergence (MACD) position above its signal line shows that buying pressure exceeds selling pressure. Similarly, the volume profile histograms suggest abounding bullish sentiment in the BTC market.

If bullish momentum increases and the Bitcoin price overcomes resistance due to the 38.2% Fibonacci retracement level of $65,772, effectively escaping the Fibonacci Golden Zone, the upside momentum could continue.

Based on the Fibonacci indicator, the Bitcoin price could extend a neck higher to test the 23.6% retracement level of $68,746. Beyond this level, BTC could make a run to reclaim its peak at $73,553; levels last tested around mid-March.

GeckoTerminal: BTC/USD 1-day chart

Conversely, considering the Bitcoin price’s position testing the upper boundary of the Bollinger Bands indicator, a rejection or correction could be imminent. A breakdown of the 50 % Fibonacci retracement level of $63,369 would encourage more sell orders.

Seller momentum could escalate if the bears haul BTC below the 50% Fibonacci placeholder. Slipping below this threshold would toss the Bitcoin price to a cliff, potentially rolling over to the 61.8% Fibonacci retracement level of $60,965.

In a dire case, the dump could extend to the $57,543 support. For the big-picture bullish outlook to be invalidated, however, the Bitcoin price must confirm a candlestick close below $53,185.

As the BTC bulls look for signals to add to their positions, investors continue to pump cash into the 99Bitcoins (99BTC) presale, which has amassed over $2.4 million in funds.

Crypto expert and YouTuber Jacob Bury says 99BTC has the potential to soar 10X after launch.

Promising Alternative To Bitcoin

99Bitcoins is an educational platform that has over 705,000 subscribers on its YouTube channel and more than 2 million people registered for the website’s courses.

The project is set to enhance the learning experience by gamifying Bitcoin education. It enables users to complete challenges and lessons to earn higher rankings and $99BTC as rewards.

The project also aims to compete with and surpass education coins like Open Campus ( EDU ) and TokenFi ( TOKEN ). CoinGecko data shows that the former boasts a market capitalization of $192 million, while the latter stands at $130 million.

99BTC also merges with BRC-20, which allows the building of dApps on the Bitcoin network. Token holders can earn passively by  buying and staking $99BTC  for an impressive 694% annual percentage yield (APY).

You can buy 99BTC now for $0.00114. But with a price hike coming in less than five days, don’t wait too long to lock in the best deal.

To join the presale, buy $99BTC tokens from the official website here using ETH, USDT, or a bank card.

Also Read:

• 99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
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