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

Investors should wait for former President Donald Trump to speak at the Bitcoin Conference on Saturday to cash out their Bitcoin profits.

Some expect Trump to announce plans to make Bitcoin a strategic reserve asset if he is elected in November, which could mean a “parabolic move” for Bitcoin.

Investors could be forgiven for wanting to cash in after Bitcoin surged more than 20% from its early July lows to its current $67,000 high, but another major positive catalyst could be just days away, 10x Research founder Markus Thielen said.

“Taking profits or even shorting bitcoin ahead of Trump’s Nashville speech can be a costly exercise,” Thielen wrote in his Monday newsletter.

Former President and Republican Party nominee for this year’s presidential election, Donald Trump, is set to speak at the Bitcoin Conference in Nashville on Saturday, where speculation is growing that he will announce a plan to make Bitcoin a strategic reserve asset.

Thielen also noted that Bitcoin is trading close to the all-time high of its previous bull market ($69,000), which is often referred to by technicians as a “line in the sand” where a possible “parabolic move” could occur if prices manage to hold above that level.

Thielen believes Joe Biden’s withdrawal from the presidential race essentially seals the deal for Trump’s victory in November. For Thielen, it would mean an early exit for U.S. Securities and Exchange Commission Chairman Gary Gensler, who has a reputation as a crypto industry nemesis. While Gensler’s term doesn’t officially end until June 2026, Thielen expects him to step down in early 2025 during Trump’s inauguration.

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