Bitcoin is currently at a strong support level, suggesting a potential rebound from here. The Bitcoin 2024 conference is taking place this upcoming weekend, where Donald Trump may discuss a “strategic Bitcoin reserve” for the U.S. government. Such a statement could propel the price of $BTC – is this your last chance to buy some Bitcoin?
Bitcoin Tailwinds Building
Bitcoin’s tailwinds are building. A massive net inflow of $530.20 million was recorded by Spot Bitcoin ETFs on Monday. Of these, $523.30 million was bought solely by Blackrock’s IBIT fund. The net inflow equates to 7,780 $BTC, which is 17.28 times the daily mining supply of 450 $BTC.
And then there’s the Bitcoin 2024 conference, taking place from July 25 to 27 in Nashville. Donald Trump is the keynote speaker this year, and the U.S. presidential candidate is rumored to have prepared a speech endorsing Bitcoin and announcing that $BTC will be held by the U.S. as a “strategic reserve” in the future.
Crash Into Mt. Gox
On the downside, Mt. Gox’s Bitcoin continues to be redistributed, and distributions to creditors are ongoing. $9 billion worth of $BTC is expected to be returned to creditors during this repayment process. How much of this will enter the market in the coming weeks and months is unknown.
$BTC Roll-Over or Pause Before Breakout?
Source: TradingView
The daily chart shows that the price of $BTC has reversed after reaching the upper trendline. This could either be a pause before continuing higher or the start of another descent, possibly towards the lower end of the channel.
If this specific scenario unfolds, the chances of Bitcoin reaching well above its all-time high of $73,800 may decrease. A pullback to $51,000 could be within reason, but the case for $100,000 to $150,000 by the end of the bull market will likely start to fade.
However, things are anything but bearish for Bitcoin right now. Momentum indicators need to reset, so the price of $BTC will either hold at this current support level ($67,000) or potentially drop to $65,000 at the 0.236 Fibonacci level.
The Last Opportunity?
For those bullish on Bitcoin, this could be the last opportunity to get in while it’s still in this corrective phase. Of course, the optimal time to buy would have been at the bottom of the bull flag, but if a massive uptrend occurs with $BTC breaking out at the top of its bull flag, there may be few future opportunities to get on what could be a runaway train.
Disclaimer: This article is provided for informational purposes only. It is not intended as legal, tax, investment, financial, or other advice.
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