Taking Profits on Bitcoin Ahead of Trump Conference Appearance Could be ‘Expensive Exercise’: Analyst

As a crypto investor, considering selling my Bitcoins before Trump’s Nashville speech or even shorting the cryptocurrency might have seemed like a wise move based on previous market reactions. However, if the speech turns out to be less impactful than anticipated, I could end up missing out on potential gains and incurring unnecessary losses.

Donald Trump, the previous president and present Republican candidate for the 2021 presidential election, is set to address the Bitcoin Conference in Nashville this coming Saturday. There’s growing buzz that Trump might unveil a proposal to classify bitcoin as a national strategic reserve asset during his speech.

Thielen pointed out that bitcoin’s current trading price is nearly touching the previous bull market’s record high of $69,000. Technicians frequently consider this price point as a significant barrier, beyond which a potential “explosive rise” could ensue if the prices manage to stay above this threshold.

According to Thielen’s perspective, Biden’s departure from the presidential race significantly increases the chances of Trump winning in November. This scenario could lead to an early resignation of SEC Chair Gary Gensler, known for his adversity towards the crypto industry. Although Gensler’s term doesn’t conclude until June 2026, Thielen anticipates his resignation around the time of a potential Trump inauguration in early 2025.

The former president is scheduled to speak in Nashville on Saturday at 3pm Eastern Time.