Bitcoin is currently at a good level of support, so a bounce might take place from here. The Bitcoin 2024 conference is taking place this coming weekend, where Donald Trump may refer to a ‘Bitcoin strategic reserve’ for the US government. The price of $BTC could rocket on such a statement – is this your last chance to pick up some Bitcoin?
Bitcoin tailwinds are building
The tailwinds are building for Bitcoin. A huge $530.20 million net inflow was registered by the Spot Bitcoin ETFs on Monday. $523.30 million of this was bought by Blackrock’s IBIT fund alone. The net inflow equates to 7,780 $BTC, which is 17.28 times the daily mining supply of 450 $BTC.
And then there is the Bitcoin 2024 conference, which takes place from 25th to 27th July in Nashville. Donald Trump is the main speaker at this year’s event, and the US presidential hopeful is rumoured to have prepared a speech that will endorse Bitcoin, and announce that $BTC will be held by the US in future as a ‘strategic reserve’.
The Mt. Gox impact
On the negative side of things, Mt. Gox Bitcoin continues to be moved around, and distributions to creditors are taking place. $9 billion worth of $BTC is expected to be paid back to creditors during this repayment process. Just how much of this will hit the market over the next weeks and months is not known.
$BTC roll-over, or pause before breakout?
Source: TradingView
The daily chart shows that the $BTC price has rolled over after hitting the top bull flag trend line. This is either a pause before pushing on through, or it is the beginning of another descent, perhaps all the way down to the bottom of the channel.
Should this particular scenario take place, the chances of Bitcoin getting much above the $73,800 all-time high are perhaps likely to reduce. A pull-back to $51,000 could still be within the bounds of reason, but the case for $100,000 to $150,000 by the end of the bull market would probably start to fade.
However, as things stand, it looks anything but bearish for Bitcoin. Momentum indicators need to reset, therefore the $BTC price will either hold at this current level of support ($67,000), or perhaps go down to $65,000 at the 0.236 fibonacci.
The last chance?
For those who believe in Bitcoin, this could be the last chance to pick up the alpha currency while it is still within this correction phase. Of course, the best time to buy would have been at the bottom of the bull flag, but if a huge bull market surge does take place, with $BTC bursting out 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 offered or intended to be used as legal, tax, investment, financial, or other advice.
