Bitcoin may be seeing impulsive upside analysis warns as markets brace for key news events. On July 26, popular trader Crypto Ed joined those cautioning over the latest Bitcoin price spike above $67,000. Bitcoin bears may still clear impulsive move. Bitcoin may be up by around 2% since the July 25 daily close, but not everyone believes in the short-term BTC price strength.
Crypto Ed explained that the rebound from local lows of $63,430 the day prior, which matched price behavior from the end of last week, is a surprise. “Bouncing stronger than I was expecting yesterday looks impulsive,” he summarized. He expected a corrective bounce followed by another leg lower towards $62K and maybe even lower.
The post acknowledged that the market could still fulfill bulls’ wishes and refuse to take downside liquidity. The current bounce is starting to look like we have already finished leg 2 and are heading to new highs again. Crypto Ed concluded with an explanatory Elliott Wave chart showing a long-term BTC price target of around $80,000 followed by potential consolidation back to near current levels.
Anticipation continues to build over an appearance by United States presidential candidate Donald Trump at the Bitcoin 2024 conference in Nashville. Trump has become associated with a bullish crypto market outlook after publicly declaring supportive policy plans for the industry. Rumors have also swirled around Trump potentially creating a US strategic reserve in BTC if elected.
