Bitcoin may be experiencing a strong upward trend, with some analysts warning of impulsive moves as the market prepares for important news events. On July 26, Crypto Ed, a popular trader, expressed caution over Bitcoin’s recent price spike above $67,000. Despite a 2% increase since the previous day’s close, not everyone is convinced of the short-term strength of BTC’s price.
Crypto Ed pointed out that the unexpected rebound from a low of $63,430 the day before seemed impulsive, indicating a potential corrective bounce followed by a drop towards $62K or lower. However, he also acknowledged that there is still a possibility for the market to fulfill bullish expectations and avoid a downward trend.
The anticipation surrounding an appearance by Donald Trump at the Bitcoin 2024 conference in Nashville is adding to the excitement in the crypto market. Trump’s supportive stance on the industry has led to speculation about him creating a US strategic reserve in BTC if he is elected president. Overall, there is optimism about Bitcoin’s potential for reaching new highs in the near future.