Crypto Daily - The Bitcoin 2024 conference in Nashville opens on Thursday. Speakers such as Donald Trump will speak at the event. The $BTC price is still pulling back after reaching $68,500 on Monday.
Mt. Gox selling vs major tailwinds
Other than the potential selling from the recent Mt. Gox distributions, Bitcoin is generally looking at more tailwinds than headwinds. The Spot Bitcoin ETFs are continuing to see net inflows, and technical price indicators are favouring a continuation of the upward trend; perhaps in the next few days.The Bitcoin 2024 conference opens later today, and a list of stellar speakers are likely to have Bitcoin bulls salivating in anticipation. Headline speaker Donald Trump is not up until Saturday, the final day of the conference. Other speakers include Senator Cynthia Lummis, who is expected to outline how she is preparing a bill, which will require the Federal Reserve to hold Bitcoin as part of the US strategic reserve.
Perhaps with this conference in mind, Samson Mow, CEO of Jan3, tweeted that in his view “super bullish Bitcoin news coming out over the next few days.” He added: “Market should be a bit more green.” If past Bitcoin conferences are anything to go by, Bitcoin has generally slumped over these events, but depending on the kind of news that comes out, this could add a boost to the price of $BTC.
How far will $BTC correct?
Source: TradingView
The short-term 4-hour chart for Bitcoin shows how the price was rejected from the bull flag top trend line. The last ascent to this rejection was within an upward-sloping channel - a bearish pattern that would generally break to the downside. This is indeed what happened, and it just remains to be seen now just how far the $BTC price will correct.
A measured move, if the pattern does play out, would take the price back to around $62,500. There are other support lines before this level, so it will be interesting to see whether the price will reach this point.
Bull market trend remains intact
Source: TradingView
On the weekly time frame, the bull flag touch points are clearly visible. The latest rejection could take the $BTC price to the level where most candle bodies converge, which happens to be at $63,000. If the price falls below this, then look out below.
However, it always has to be remembered that Bitcoin is in a bull market. Unless this changes, the bullish trend must be respected, and the old adage of: “The trend is your friend, until the end”, should be heeded.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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