Why Cashing Out on Bitcoin Before Trump's Conference Could Cost You Dearly

Summary:

Markus Thielen warns that taking profits on Bitcoin before Trump's speech could be a costly mistake.
Trump's potential announcement about making Bitcoin a strategic reserve asset could lead to a parabolic price surge.
Bitcoin recently rose over 20%, reaching $67,000, approaching its previous all-time high of $69,000.
Thielen expects an early exit for SEC Chair Gary Gensler if Trump wins, which may change the regulatory environment for cryptocurrencies.
Traders should wait until after Trump's speech at the Bitcoin Conference before deciding to cash out.

Overview

Markus Thielen, the founder of 10x Research, believes that cashing out on Bitcoin profits before former President Donald Trump's upcoming speech at the Bitcoin Conference may not be the best strategy.

Key Insights

Thielen anticipates that Trump will win the November election, potentially leading to significant changes in the regulatory landscape for Bitcoin. He suggests that traders should hold off on selling their Bitcoin until after Trump's speech, as it could lead to a "parabolic move" in Bitcoin's price.

Current Market Situation

Bitcoin has recently surged over 20%, reaching approximately $67,000 from lows earlier in July. This upward trend raises the question of whether to take profits now or wait for potential further gains.

Thielen emphasizes that the upcoming announcement regarding Bitcoin possibly becoming a strategic reserve asset could drive prices even higher, especially since Bitcoin is trading near its previous all-time high of $69,000.

Political Implications

The analyst also points out that Joe Biden's exit from the presidential race may solidify Trump's chances of winning, which could lead to the resignation of SEC Chair Gary Gensler—known for his strict stance against cryptocurrencies—around the time of Trump's inauguration in early 2025.

Conclusion

With Trump's speech scheduled for 3 PM Eastern Time on Saturday, traders are advised to consider the potential implications of his announcements before making any profit-taking decisions.

Trump at Bitcoin Conference