As a seasoned crypto investor with several years of experience under my belt, I’ve learned to keep a keen eye on market developments and remain calm during volatile periods. The Bitcoin 2024 conference in Nashville is an exciting event that brings together some influential figures in the industry. Despite the recent pullback in Bitcoin’s price after reaching a new all-time high, I believe the overall trend remains bullish.
At the Bitcoin Conference in Nashville beginning on Thursday, notable figures like Donald Trump are slated to present. However, the value of Bitcoin ($BTC) has retreated following its peak at $68,500 on Monday.
Mt. Gox selling vs major tailwinds
Instead of “Other than the potential selling from the recent Mt. Gox distributions,” you could say “Excluding the potential selling arising from the recent Mt. Gox releases.”
Later today, the Bitcoin 2024 Conference commences with an impressive lineup of speakers anticipated to excite Bitcoin enthusiasts. Notable among them is headliner Donald Trump, who takes the stage on Saturday, the conference’s last day. Other notable figures include Senator Cynthia Lummis, who will present her plans for a bill that would mandate the Federal Reserve to hold Bitcoin as part of the United States strategic reserve.
Based on his experience from previous Bitcoin conferences, Samson Mow, CEO of JAN3, expressed optimism through a tweet about upcoming “extremely bullish” Bitcoin-related news within the next few days. He also suggested that the market’s mood should be more positive, potentially leading to an increase in the price of Bitcoin ($BTC). However, it’s important to note that while past conferences have generally seen a price dip, the actual impact on the market depends significantly on the nature of the news being announced.
How far will $BTC correct?
The 4-hour chart for Bitcoin indicates that the price reached a resistance level at its bull flag top trend line, causing a rejection. The preceding uptrend occurred within an upward channel, which is a bearish sign typically resulting in a price decrease. This downward trend has already started; it remains to be seen how significantly the Bitcoin price will decline.
If the market trend continues as anticipated, a reasonable forecast indicates that the price may retreat to approximately $62,500. However, there exist additional support levels preceding this figure, making it noteworthy to observe if the price advances to this mark.
Bull market trend remains intact
On a weekly basis, the significant levels touched by bull flag formations in Bitcoin (BTC) are evident. The recent price reversal may push BTC down towards the price region where most candlesticks cluster, which is around $63,000. If BTC drops below this mark, be prepared for potential further declines.
It’s important to note that Bitcoin is currently experiencing a bull market. As long as this trend continues, it should be taken seriously and the age-old investment advice, “The trend is your friend, until the end,” applies.
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2024-07-25 16:05