Bitcoin
Trump’s Speech at Bitcoin Convention Could Trigger an Explosive Rally for Ether, XRP, Cardano, Solana, Shiba Inu ⋆ ZyCrypto
Former US President Donald Trump is in talks to speak at the Bitcoin 2024 convention in Nashville next month.
While this development is bullish, one analyst notes that for BTC to make a parabolic rally, it needs to test $50,000.
The king of cryptocurrencies is trading at $61,702 after a 3.6% drop in the last 24 hours.
Trump’s Bitcoin Convention Speech Could Yield Gains
Trump has declared himself pro-crypto in a series of comments made in recent months. In addition to declaring “crypto president”, Trump has promised to support the US crypto industry if elected in November. He also took advantage of the crypto craze by accepting donations on Bitcoin, Ether, Solana, Shiba Inu, Cardano, Dogecoin.
According to Axes, the former US president wants to spread his pro-crypto message at the 2024 Nashville Bitcoin Convention. The convention will take place July 25-27, about a week after the Republican National Convention.
The Bitcoin Convention is one of the biggest events in the crypto industry. In addition to Trump, other members of the US political class, including Robert F. Kennedy Jr and Vivek Ramaswamy, are expected to speak.
This event could be bullish for Bitcoin as the US crypto industry finally gets long-awaited regulatory recognition.
‘Bitcoin will fall to $50K before significant recovery’
According to 10x ResearchBitcoin has formed a “double top price pattern” that could trigger a price drop to $50,000.
“Bitcoin could move from its current trading range (60,000-70,000) to a top formation, potentially leading to a steeper decline,” the researcher said.
The double top price pattern is a bearish technical reversal pattern. Traders can use the pattern to anticipate a decrease in price and change their trading strategies.
10X Research also noted that after BTC made this formation, the price could drop to $50K or reach $45K. The researchers further opined that Bitcoin traded in a range, which could result in false breakouts.
The bearish analysis comes after BTC witnessed an intense sell-off on June 24. Yesterday, BTC lost over $5,000 of its value, with analysts calling It was the biggest day of Bitcoin net sales in over a year.
On the other hand, other analysts believe that proactive traders should take advantage of the current market fear and buy Bitcoin. According to CryptoQuant, whales will likely start buying at current prices.
Crypto trader Jelle attributes the recent price drop to Fear, Uncertainty and Doubt (FUD). He noted that BTC is seeing a similar trend as in 2016-2017. As traders unload at current prices, the shakeout effect could pave the way for an uptrend.