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 cryptos is trading at $61,702 after a 3.6% dip in the last 24 hours.
Trump’s Bitcoin Convention Speech Could Trigger Gains
Trump has come out as pro-crypto in a series of remarks made in recent months. Besides declaring himself “crypto president,” Trump vowed to support the US crypto industry if elected in November. He has also tapped into the crypto craze by accepting donations in Bitcoin, Ether, Solana, Shiba Inu, Cardano, Dogecoin.
According to Axios, the former US President wants to spread his pro-crypto message at the Nashville Bitcoin 2024 Convention. The convention will take place between July 25 and 27, around a week after the Republican National Convention.
The Bitcoin Convention is one of the biggest events in the crypto industry. Besides 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 the highly-anticipated regulatory recognition.
‘Bitcoin Will Drop to $50K Before A Significant Recovery’
According to 10x Research, Bitcoin formed a “double-top price pattern,” which could trigger a price dip to $50K.
“Bitcoin could shift from its current range trading (60,000-70,000) into a topping 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 reduction in price and change their trading strategies.
10X Research also noted that after BTC made this formation, the price could plunge to $50K or touch $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 the biggest net-selling day for Bitcoin in over a year.
Conversely, other analysts believe that proactive traders should leverage the current market fear and buy Bitcoin. According to CryptoQuant, whales will likely start buying at the 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 offload at the current prices, the shakeout effect could pave the way for an uptrend.
