Not until this day did I know Mt. Gox still had over 130k+ BTC all over their trustees addresses, which is enough fund to pay back a few of the lost BTC during the hack.

When you talk about the implication that this might have on the crypto market, well, considering the fact that all the repayment is not scheduled to be made all at once and not all payments are to be done through BTC, I still believe there will be less to worry about, especially as they also want to pay their victims through fiat and other forms of crypto payment, which will reduce the amount of bitcoin that will be redistributed to users.
 
The only place that I believe there could have been some negative price impact is if they were planning on selling off all their holdings to make payment back to their victims using fiat. Then we could have started thinking about how much the price of bitcoin would dump, as it's obvious that it would dump. But right now, considering the halving that is coming, many people who will receive this payment might not be in a hurry to sell back, as they might want to wait for the next bull run in order to benefit from it.

It would be a two way something, when the exchange was hacked in 2014, the price of bitcoin was less than $500 and right now the price is more 50x that price so some people will sell. Also other people will try to hold having in mind that another bull run might be here in one year time so they would like to wait for it. We can’t be certain which way it will go but one thing is any impact that it will be having will definitely be a short term impact and the market will return back to normal.

For me what bothers me on its impact on bitcoin future will be how naive people will address this issue. Some gullible people will have a renewed hope in storing funds in centralized exchanges Because they would believe they can get there funds return after any down fall and would prefer some platforms be their bank other than them holding their money in a non-custodial wallets

Do not think too much just because of it, if there will be a negative impact on the market because everyone's going to dump.
Think that if it dumps, there are also a lot of buyers that are just waiting for another perfect opportunity to buy so that shall rise the price of it and that will show as a sign of quick recovery.
Honest take is it is good that for a very long time, those owners of those assets will now be refunded and many of them will enjoy their money so, dumping is no question.

If massive sell off might happen after the refund then provably it can create an impact to the price of bitcoin knowing that many might get afraid to see what possible scenario might happen and other holders might dump first before it happen so we hope that we cannot see the worse and the refund will happen this year so that possibly by next year if bad thing will happen we can recover since halving hype might start and accumulation phase maybe can save this.

I am not a victim of Mt. Gox so I don't mind about this case, a first reason.

A second reason is more important and you must know. Mt. Gox refunding is a news that has been recooked many times. Many times, news said Mt. Gox will start compensation distribution to their victims, soon or next month. Again, now we have another news, next month they will distribute bitcoins to victims.

You know, such recooked news is to fud the market, to create fear that when Mt. Gox distribution happens, the Bitcoin market will have big selling pressure from Mt. Gox's victims.

If you knew the amount of times that the refunds were delayed you would be skeptical that they would actually pay out next month.

This hack was almost a decade ago and people are still waiting for their bitcoins. So who knows when they will actually get it. Going to be some technical issue and it’ll get delayed again.

There were quite a few "butthurt" people that came out of that hack, so you can expect many of them to just dump their coins... after they get refunded for some of their losses. 

I am not saying this in a bad way.... but I think I would also be "butthurt" if I lost those coins back then. Imagine the life changing things you could have done, if you did not lose those coins and if you sold it at say... $60 000+

After the refund distribution starts, the prices will probably nosedive since a lot of those people who lost coins at Mt. Gox in 2014 are probably lost interest in Bitcoin by now so will be keen to sell whatever is left of their balances - especially the ones who lost everything on Gox.

But as usual with these kind of things, the price will correct itself back to normal as if it had never happened.

That wouldn't be possible for Mt. Gox to refund hacked user assets at the same time, of course they will refund in stages because their finances are also limited. In this period of time, most customers who get some of their assets back will probably sell their assets or they will hold them in their wallets. And because refunds are carried out in stages, when some users sell their bitcoins it won't have much of an impact on the crypto market in my opinion, in fact it will be like nothing has happened.