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Bitcoin and Altcoins Await David Sacks’ Press Conference Amid Market Uncertainty
Bitcoin and most altcoins experienced a pullback on Tuesday, as investors eagerly awaited the upcoming press conference by David Sacks, a key figure in the cryptocurrency and AI industries.
Market Performance
Bitcoin hovered around the $100,000 mark, with a slight decline of 1.3%. Meanwhile, major altcoins like Ethereum, Cardano, and Ripple saw minimal movement, with changes ranging from 0.71% to -3.07%.
However, smaller cryptocurrencies like Raydium, Official Melania Meme, Bittensor, and Aerodrome Finance were among the top-performing coins.
Renewed Trade War Concerns
The recent market performance is likely influenced by the renewed trade tensions between the U.S. and China, which could lead to inflation. The U.S. has implemented a 10% tariff on Chinese imports, prompting China to respond with its own levies and an investigation into Google.
On the other hand, there is a possibility that the two countries may agree to pause these actions to allow for negotiations, similar to the U.S. decision to pause tariffs on Mexico and Canada.
David Sacks’ Press Conference
The upcoming press conference by David Sacks, featuring crypto-friendly legislators like Tim Scott and John Boozman, is expected to address key priorities for the industry. As the AI and crypto czar, Sacks will outline the administration’s approach and potential priority areas, including criteria for approving crypto exchange-traded funds and simplifying regulations.
“The press conference will be crucial, as President Trump has identified leadership in artificial intelligence and crypto as a key focus of his administration.”
Technical Indicators and Price Predictions
Technical indicators suggest a strong bullish breakout for Bitcoin. The weekly chart shows a cup and handle pattern between November 2021 and October 2023, indicating potential strength.
Bitcoin has also formed a bullish flag chart pattern, consisting of a long vertical line followed by a flag-like consolidation. With its move above the 50-week and 100-week moving averages, Bitcoin is likely to rebound and move toward resistance at $123,000.
A bullish breakout in Bitcoin would likely drive gains in altcoins like Ethereum, Solana, and Cardano, as they have a close correlation with BTC.
Tips for Investors
- Monitor the press conference by David Sacks for key announcements and industry insights.
- Keep an eye on technical indicators and chart patterns for potential breakouts.
- Diversify your portfolio by investing in a mix of major and smaller cryptocurrencies.
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