Profiting from Bitcoin ahead of Trump conference could be an “expensive exercise”

Markus Thielen, founder of 10x Research, fully expects Trump to win the November election, which would prompt an early departure for SEC Chairman Gary Gensler.

Traders could be forgiven for wanting to cash in after bitcoin's (BTC) rapid rise of more than 20% to the current $67,000 from its early July lows, but another potential major positive catalyst could be just days away. distance, said 10x Research founder Markus Thielen.

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

Former president and current Republican candidate for this year's presidential election, Donald Trump, is scheduled to speak at the Bitcoin Conference in Nashville on Saturday, and speculation is mounting that he will announce a plan to turn Bitcoin into a strategic reserve asset.

Thielen further noted that Bitcoin is trading near the previous bull market's all-time high ($69,000), often touted by technicians as a "line in the sand" above which a potential "parabolic move" could occur if prices could successfully stay above that level.

Thielen believes that Joe Biden's exit from the presidential race has essentially sealed the deal for a Trump victory in November. According to Thielen, this will likely mean an early departure for U.S. Securities and Exchange Commission Chairman Gary Gensler, who has earned a reputation as an enemy of the cryptocurrency industry.

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