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The world’s largest cryptocurrency is staging a sudden decline as massive amounts of Bitcoin got moving today. Two mammoth-sized Bitcoin chunks hit the market, causing panic and reversing BTC, shutting down its recently resumed uprise.

These transactions were initiated by the no-longer-functional early Bitcoin exchange Mt Gox.

Bitcoin reacts to Mt Gox BTC transfers

The Bitcoin price immediately reacted as the Mt Gox wallet began to transfer billions of US dollars worth of BTC today. So far, the former leading cryptocurrency exchange has transferred nearly $6 billion in two transactions to a new wallet.

Everybody believes that the platform is preparing to start its reimbursement payouts to the creditors who suffered from the massive loss of funds during the long-running Mt Gox hack that was not noticed until 2014.

Earlier today, prominent cryptocurrency transaction tracker Whale Alert spotted two transfers which moved 48,641 BTC and 44,000 BTC. They were the equivalents of $3,061,354,870 and $2,806,815,549, comprising together $5,868,170,419.

Reacting to these gigantic transfers, BTC price plunged by approximately 4%, losing the recently regained $65,000 level and going back to the $62,320 zone. By now, however, Bitcoin has shown a slight reverse, regaining 1.6%. As of this writing, the world’s flagship cryptocurrency is changing hands at $$63,530.

Bitcoin to never return under $60,000, Samson Mow believes

Earlier this week, CEO at Jan3 and a vocal Bitcoin supporter Samson Mow doubled down on his recently made super bullish Bitcoin price prediction – the Bitcoiner believes that BTC will never go back under the $60,000 level again. He urged the global BTC community to “say goodbye to sub $0.06M Bitcoin forever.”

Samson Mow believes that no matter how much Bitcoin is being sold now, the cryptocurrency market will absorb it all. In his earlier tweets published during the BTC sell-off that preceded the current price reverse, he wrote that Bitfinex whales were actively buying Bitcoin that was being dumped by paper hands.

Overall, Mow is one of those Bitcoiners who believe that BTC is heading towards the $1 million mark slowly but surely as they say. The Jan3 CEO in particular has predicted that $1 million can be reached by Bitcoin as soon as the end of the next year. Even if not in 2025, he said, then it will still happen soon anyway.