Is Bitcoin headed for the next black swan event coming month

ambcrypto.com:

Bitcoin’s performance since mid-June may have ignited hopes of a major bullish recovery. However, the limited nature of its upside now suggests that something else might be brewing.

Zooming out on its price chart reveals that it might be forming a bearish flag pattern. The probability of this outcome is further supported by a potential $3 billion worth of sell pressure waiting to hit the market.

Bitcoin’s previous crash events were underscored by major back swan events. These include the Terra Luna and UST crash in May, as well as the 3AC debacle in June.

The king coin experienced a lot of sell pressure in the months prior to that, on account of the SEC’s quantitative easing plans. The subsequent downside was exasperated by heavy liquidations for highly leveraged positions.

If Bitcoin’s upside since mid-June is the creation of a bearish flag, then the market is due for more downside. It will take a lot of sell pressure to trigger another major downside. It turns out there is one upcoming event that may cause roughly $3 billion worth of sell pressure in the next few weeks.

Roughly 137,000 Bitcoin recovered from Mt. Gox is expected to make its way into the market sometime soon.

Given the lengthy duration and the robust growth that has taken place since the Mt. Gox hack, it is likely that recipients will want to sell.

137,000 #bitcoin will be returned to Mt. Gox investors.

Original price per coin: $483 Current price per coin: $24,000 (50x return) Current total value: $3.3 billion

How many of these original investors sitting on a 50x profit will sell? pic.twitter.com/uWeTFzS9I7

— Colin Talks Crypto – CBBI.info (@ColinTCrypto) August 16, 2022

Such a large amount of sell pressure