web3.0Taking Profits on Bitcoin (BTC) Ahead of Trump Conference Appearance Could be \'Expensive Exercise\': Analyst
Markus Thielen, founder of 10x Research, fully expects Trump to win the November election, triggering an early exit for SEC Chair Gary Gensler.
People cashing in on bitcoin’s rapid ascent might want to reconsider, at least according to one closely followed market observer, who anticipates a major bullish announcement at this week’s Bitcoin Conference.
After rising more than 20% from its early July lows to reach current levels around $67,000, traders could be forgiven for wanting to take some profits, especially given bitcoin’s seven-figure highs during the previous bull market. But another positive catalyst for the flagship cryptocurrency may be just days away.
“Taking profit, or even shorting bitcoin ahead of Trump’s Nashville speech, could turn out to be an expensive exercise,” wrote 10x Research founder Markus Thielen in his Monday newsletter.
Former President Donald Trump, the current Republican nominee for this year’s presidential election, is set to speak at the Bitcoin Conference in Nashville on Saturday, and speculation is mounting that he will announce a plan to make bitcoin a strategic reserve asset.
Thielen also noted that bitcoin is trading close to the previous bull market’s all-time high ($69,000), which technicians often tout as a “line in the sand” above which a parabolic move may follow if prices can clear that level.
Thielen argues that President Joe Biden’s exit from the presidential race has essentially sealed the deal for a Trump victory in November. This will likely lead to an early exit for U.S. Securities and Exchange Commission Chair Gary Gensler, who has become known as an antagonist toward the crypto industry. While Gensler’s term doesn’t officially end until June 2026, Thielen expects him to resign around the time of a Trump inauguration in early 2025.
The former president is scheduled to speak in Nashville on Saturday at 3 p.m. Eastern time.
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