BTC Price up 6% in 24 Hours as Bitcoin 2024 Conference Starts

Key Takeaways

• Bitcoin has surged 6% ahead of the Bitcoin 2024 conference.
• Donald Trump looks to secure the crypto community’s support at the event.
• Bitcoin is signaling a potential bullish trend.

The Bitcoin 2024 conference officially kicked off on Thursday, July 26, and has already made headlines in the crypto community and beyond. As the event unfolded, Bitcoin’s price surged by 6%, reflecting the market’s positive sentiment and anticipation for the discussions and announcements from key industry figures. 

This price increase underscores cryptocurrency’s growing interest and optimism as they eagerly await insights and updates from prominent speakers and experts in the field, including US Presidential candidate Donald Trump. 

Trump to Headline Bitcoin Conference 2024

Trump is scheduled to speak at the Bitcoin conference in Nashville, Tennessee, where he plans to establish his pro-crypto stance before the elections. Trump’s 30-minute keynote address on July 27 looks to court the crypto community.

Trump’s campaign reportedly raised over $4 million in crypto donations through tokens, including Bitcoin, Ethereum, XRP, several memecoins, and USD-pegged stablecoins. Notably, 19 donors contributed over $2.15 million worth of Bitcoin. Earlier, the Winklevoss twins, Tyler and Cameron, donated over $1 million in Bitcoin, with part of the amount refunded due to exceeding the $844,600 limit.

BTC Price Analysis 

Since hitting a low of $53,746 on July 5, Bitcoin has rebounded nearly 28%, peaking at $68,450 on July 22, signaling a potential bullish trend. This recovery saw a breakout above $60,000, indicating further upward potential. 

Following a recent downturn resulting in a 4% decline, BTC has bounced back by 6% since July 25. This price action presents two possible scenarios moving forward.

If Bitcoin has completed its lower-degree wave four, it could now be poised to develop its fifth wave, targeting a higher high. In this case, the July 26 rise would be considered corrective, and the subsequent move is expected to be a downtrend. A continued rise to $68,000 would validate this scenario, with the next likely target is $73,500.

Alternatively, if Bitcoin makes a downturn, leaving the July 26 high lower than the July 22 high, it could potentially fall to $60,700. This scenario would only impact the short-term price movement, as the overall outlook remains bullish on a larger time frame.

Since July 5, the rise has been the first sub-wave of a more significant uptrend. The expected correction will likely establish a higher low before Bitcoin continues its upward trajectory, ultimately reaching a new all-time high.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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