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Taking Profits on Bitcoin 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.
Updated Jul 22, 2024, 4:06 p.m. Published Jul 22, 2024, 3:33 p.m.
- Traders should wait until after former President Donald Trump's speech at the Bitcoin Conference on Saturday to cash out on their bitcoin profits.
- Some expect Trump to announce plans to make bitcoin a strategic reserve asset if he gets elected in November, which could result in a "parabolic move" for bitcoin.
Traders could be forgiven for wanting to cash in after bitcoin's quick rise of more than 20% to the current $67,000 from its early July lows, but another possibly major positive catalyst might be just days away, said 10x Research founder Markus Thielen.
“Taking profit, or even shorting bitcoin ahead of Trump’s Nashville speech, could turn out to be an expensive exercise,” wrote Thielen in his Monday newsletter.
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Former President and current Republican nominee for this year’s presidential election Donald Trump is scheduled to speak at the Bitcoin Conference in Nashville on Saturday and speculations are mounting that he will announce a plan to make bitcoin a strategic reserve asset.
Thielen further noted that bitcoin is trading close to the previous bull market's all time high ($69,000), often touted by technicians as a "line in the sand" over which a possible "parabolic move" might occur if prices could successfully hold above that level.
Thielen is of the opinion that Joe Biden's exit from the presidential race has essentially sealed the deal for a Trump victory in November. Per Thielen, this likely means an early exit for U.S. Securities and Exchange Commission Chair Gary Gensler, who has earned a reputation as a foe of 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 3pm Eastern Time.
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