The Bitcoin 2024 conference in Nashville opens on Thursday. Speakers at the event include figures like Donald Trump. The price of $BTC continues to decline after reaching $68,500 on Monday.
Mt. Gox Sales Against Great High Winds
Apart from potential sales from recent Mt. Gox distributions, Bitcoin is generally facing more tailwinds than headwinds. Spot Bitcoin ETFs continue to see net inflows, and technical price indicators favor continuation of the upward trend in the coming days.
The Bitcoin 2024 conference opens later today, and a lineup of stellar speakers could potentially buoy Bitcoin bulls. Keynote speaker Donald Trump isn’t scheduled until Saturday, the conference’s final day. Other speakers include Senator Cynthia Lummis, expected to discuss preparations for legislation requiring the Federal Reserve to maintain Bitcoin as part of the U.S. strategic reserve.
Considering this conference, Samson Mow, CEO of Jan3, tweeted his belief in “super bullish Bitcoin news coming in the next few days.” He added, “Market needs to be a bit more green.” Previous Bitcoin conferences have historically resulted in price declines, but depending on the nature of the news emerging, this could add momentum to $BTC prices.
How Far Will $BTC Correct?
Source: TradingView
The 4-hour short-term chart for Bitcoin shows how the price was rejected from the top trend line of the bull flag. The latest ascent following this rejection was within an upward-sloping channel – a bearish pattern that typically breaks downwards. Indeed, this is what has occurred, and now we wait to see how much $BTC will correct.
A measured move, if the pattern plays out, would bring the price to around $62,500. There are other support lines before this level, so it will be interesting to see if the price reaches this point.
The Bull Market Trend Remains Intact
Source: TradingView
On the weekly timeframe, the touchpoints of the bull flag are clearly visible. The most recent rejection could lead Bitcoin’s price to the level where most candle bodies converge, which happens to be around $63,000. If the price drops below this, then look further down.
However, we must always remember that Bitcoin is in a bullish market. Unless this changes, the bullish trend should be respected, and the old adage should be taken into account: “The trend is your friend, until the end.”
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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