Analyst Warns of Costly Risks in Profiting from Bitcoin Before Trump’s Conference Appearance
Traders may be contemplating the timing of their bitcoin profits, especially with the anticipation surrounding former President Donald Trump’s upcoming speech at the Bitcoin Conference this Saturday. There is a prevailing sentiment that waiting until after Trump’s address could be advantageous for those looking to capitalize on their bitcoin gains.
The possibility of Trump unveiling plans to designate bitcoin as a strategic reserve asset if he secures the presidency in November has stirred excitement among some observers. Such an announcement could potentially trigger a significant surge in bitcoin prices, described by some as a “parabolic move.”
Markus Thielen, the founder of 10x Research, highlighted the current surge in bitcoin’s value, which has seen it soar by over 20% to reach $67,000 from its lows in early July. Thielen cautioned against prematurely cashing out or shorting bitcoin in anticipation of Trump’s speech, suggesting that such actions could prove costly.
Speculation is mounting as Trump, the former President and current Republican nominee for this year’s presidential election, is slated to deliver a speech at the Bitcoin Conference in Nashville. The buzz revolves around the possibility of Trump using this platform to announce his vision for bitcoin as a strategic reserve asset.
Thielen also drew attention to the fact that bitcoin is hovering near the previous all-time high of the last bull market, standing at $69,000. This level is considered a critical threshold by technical analysts, with a successful breach potentially paving the way for a “parabolic move” in bitcoin’s value.
In Thielen’s view, Joe Biden’s withdrawal from the presidential race has significantly increased the likelihood of a Trump victory in November. This development is expected to lead to the early departure of U.S. Securities and Exchange Commission Chair Gary Gensler, who is perceived as an adversary of the crypto industry. While Gensler’s term officially extends until June 2026, Thielen predicts his resignation around the time of a Trump inauguration in early 2025.
The former president’s address in Nashville is scheduled for 3 pm Eastern Time this Saturday.