Bitcoin (BTC) Soars Ahead of White House Crypto Summit
The inaugural Crypto Summit will take place at the White House on Friday, hosted by President Trump, and attended by leading figures in the crypto industry. Bitcoin bulls are still battling to lift $BTC out of its 7-week slump. Could the Crypto Summit ignite the fightback?
The Crypto Summit
The Crypto Summit that takes place on Friday at the White House could potentially have quite an effect on Bitcoin’s future, regarding how it is treated in the US.
At present, just how much can be taken out of the summit is still up in the air. White House statements on the subject have generally been very broad as to what will be covered, and no firm objectives have been set.
That said, there are certain subjects that are very likely to be looked at, and these include a U.S. Bitcoin/Crypto Strategic Reserve, a regulatory framework for digital assets, tax policies, and stablecoin oversight.
President Trump will address the meeting, and David Sacks, AI and Crypto Czar will chair it. Bo Hines, Executive Director of the Working Group on Crypto will also play a role.
Among those confirmed as attending the Summit are Michael Saylor, Co-Founder and Executive Chair of Strategy (formerly MicroStrategy MSTR), Brian Armstrong, CEO of Coinbase, Arjun Sethi, Co-CEO of Kraken, and several other prominent figures in the space.
Much optimism permeates crypto ahead of the Summit, and some concrete details could emerge around the setting up of a U.S. Bitcoin/Crypto Strategic Reserve, to name but one possible factor that could really fire the existing optimism and ignite the entire crypto space going forward.
W pattern has potential to send $BTC higher
Source: TradingView
The 4-hour chart for $BTC shows how the price formed a higher low, and has since managed to tag the major ascending trendline, although so far without showing enough intent to break through and hold above. This could signal another rejection, and another short-term corrective phase.
However, since the last time $BTC touched the top of the wedge, the price action has formed a W pattern. If the bulls were able to keep the price roughly around these levels until Friday’s Crypto Summit, and very positive news emerged, breaking above the major ascending trendline, and also the neckline of the W pattern, could potentially send $BTC much higher.
Indicators are potentially signalling positive price action
Source: TradingView
While the $BTC price does rather look as though it is going to be rejected from the ascending trendline, the Stochastic RSI at the very bottom of the chart is showing that there could still be some momentum left in this upside move. The indicator lines have broken the trend, confirmed above, and are heading higher.
The Relative Strength Index, which is just above, is showing that there is the potential for a breakthrough of the indicator line. It also needs to be borne in mind that the indicator line on the daily chart did not get this low since August 2023. A continuance of this bounce does look to be a good possibility.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
