Analyst: Stay calm! Key events this Saturday may bring a turnaround for the market
Markus Thielen, founder of 10x Research, said that after a rapid rise of more than 20% from the low point in early July to around $67,000, it is understandable that traders want to cash out, but another potential market catalyst may occur in a few days.
It was previously reported that Trump will attend the Bitcoin Conference held in Nashville on Saturday (7/27) in the United States, and many people speculated that he might express his political views on using Bitcoin as a strategic reserve asset for the United States.
Thielen pointed out that if Bitcoin can successfully maintain above $69,000 in the future, which is often identified as the "Line in the sand" point by technical analysts, it may usher in a parabolic upward trend.
He even predicted that Trump's victory as the next president is a foregone conclusion, and SEC Chairman Gary Gensler, who was once considered a villain in the currency circle, may step down early, that is, around the presidential inauguration in 2025.
However, another well-known analyst, Rekt Capital, pointed out that from the daily trend, Bitcoin needs to continue to stay above $65,000 as support for any unexpected pullback. Since March this year, this point has been an important dividing line between long and short positions, and each time it is confirmed to break through or fall below, it will trigger large fluctuations.
However, Bitcoin has temporarily broken through this support and quickly fell to around $64,000. The short-term trend may not be optimistic.
As for whether Trump's speech this Saturday will bring big benefits as expected, it is still unknown. Investors should judge based on risk control and more analytical views to avoid making wrong decisions.
