Business
Traders Anticipate Bitcoin Surge Ahead of Trump’s Speech at Bitcoin Conference
As traders gear up for a potential Bitcoin surge, all eyes are on Trump’s upcoming speech at the Bitcoin Conference. Explore insights and predictions on how this pivotal moment could impact the cryptocurrency market.
Traders Eye Bitcoin’s Potential Amid Upcoming Trump Speech
In the fast-paced world of cryptocurrency, traders may be tempted to take profits following a remarkable surge in bitcoin’s (BTC) value. The digital currency has skyrocketed over 20%, currently sitting at around $67,000 after dipping to lower levels in early July. However, a significant potential catalyst may be just around the corner, as highlighted by Markus Thielen, founder of 10x Research.
Thielen cautioned in his latest newsletter that “Taking profits or even shorting bitcoin ahead of Trump’s speech in Nashville could end up being a costly decision.” The former President, who is also the current Republican frontrunner for the upcoming presidential election, is set to address the Bitcoin Conference in Nashville this Saturday. There is considerable speculation that he may unveil a proposal to designate bitcoin as a strategic reserve asset, which could have profound implications for the cryptocurrency market.
Thielen pointed out that bitcoin is trading at a crucial juncture, close to the previous bull market’s all-time high of $69,000, often referred to by technical analysts as a “line in the sand.” This key price level could trigger a “parabolic move” if bitcoin manages to maintain its position above this threshold.
Furthermore, Thielen expressed his belief that Joe Biden’s withdrawal from the presidential race has significantly increased Trump’s chances of winning in November. This potential political shift may lead to an early departure for U.S. Securities and Exchange Commission Chair Gary Gensler, who has been viewed as a significant adversary to the cryptocurrency sector. Although Gensler’s term officially runs until June 2026, Thielen anticipates that he may resign around the time of a potential Trump inauguration in early 2025.
For those interested, Trump’s highly anticipated speech is scheduled for Saturday at 3 PM Eastern Time, and it could be a pivotal moment for the future of bitcoin and the broader cryptocurrency landscape.