I have been watching may favorite video personalities talk about the latest crash/correction and most of them aren't correlating it to any recent news or event. I'm surprised that there isn't more talk about the big sell off of BTC and Bcash from the Mt. Gox situation. What concerns me is not what happened, but what is still looming.
If the trustee handling the Mt. Gox liquidation is holding something like 177,000 BTC with the intent of selling into strength, what is the motivation to get in for the long term now? Without this enormous perceived sell wall there is still this notion that BTC could go to 20K, 50K, 100K almost overnight. A run up in price fuels the Fear Of Missing Out (FOMO) which further drives up the price. I believe that a common sentiment is that an initial run up in price will be met with strong selling from the Mt. Gox account and could prevent the upward spiral. I feel this may be contributing to the stagnation we are seeing now. I am looking forward to the completed liquidation of the Mt. Gox assets so we can get back to a level playing field.
If I'm not looking at this the right way, please let me know in the comments.