Profiting from Bitcoin Before Trump’s Conference Appearance May Be a “Expensive Exercise,” Says Ana…
• Before cashing out on their bitcoin gains, traders ought to wait until after former President Donald Trump’s speech at the Bitcoin Conference on Saturday.
• If Trump is elected in November, some anticipate that he will declare plans to turn bitcoin into a strategic reserve asset. This may cause a “parabolic move” for the cryptocurrency.
After bitcoin’s {{BTC}} sharp increase of more than 20% to the present $67,000 from its lows in early July, traders may be forgiven for wanting to cash in, but according to Markus Thielen, founder of 10x Research, another potentially significant positive event could occur in a few days.
In his Monday email, Thielen stated, “Taking profit, or even shorting bitcoin ahead of Trump’s Nashville speech, could turn out to be an expensive exercise.”
Donald Trump, the former president and the Republican candidate for president this year, is expected to appear on Saturday at the Bitcoin Conference in Nashville. There are growing rumours that he will reveal his proposal to turn bitcoin into a strategic reserve asset.
The all-time high of the previous bull market, which is currently trading near bitcoin’s $69,000 price, is another point Thielen pointed out that traders frequently refer to as a “line in the sand” over which a potential “parabolic move” would take place if prices could hold above that level.
Thielen believes that Joseph Biden’s withdrawal from the presidential contest has practically guaranteed Trump’s victory in November. Thielen speculates that this would involve Gary Gensler, the chair of the U.S. Securities and Exchange Commission and a known opponent of the cryptocurrency sector, leaving early. Although Gensler’s term ends in June 2026, Thielen anticipates that he will step down in early 2025, around the time of Trump’s inauguration.
The former president will give a speech on Saturday at 3 p.m. Eastern Time in Nashville.
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.
Source : CoinDesk
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