Markus Thielen, founder of 10x Research, is convinced that Trump will win the November election, leading to an early departure for SEC Chair Gary Gensler, according to his analysis.
It’s recommended that traders refrain from selling their Bitcoin profits until after former President Donald Trump’s speech at the Bitcoin Conference on Saturday.
There is speculation that Trump could unveil plans to classify Bitcoin as a strategic reserve asset if he wins the November election. Such an announcement has the potential to drive bitcoin prices sharply higher, described as potentially causing a “parabolic move” in the market.
Traders might feel tempted to take profits following Bitcoin’s rapid surge of over 20% to its current $67,000 from its lows in early July. However, according to Markus Thielen, founder of 10x Research, another potentially significant positive catalyst could be imminent in just a few days.
There is increasing speculation that former President Donald Trump, now the Republican nominee for this year’s presidential election, will use his upcoming speech at the Bitcoin Conference in Nashville on Saturday to unveil a plan to classify Bitcoin as a strategic reserve asset.
Thielen also highlighted that Bitcoin is currently trading near its previous all-time high of approximately $69,000, a level significant to technical analysts who see it as a potential trigger point for a “parabolic move” in its price.
In terms of the presidential election, Thielen expressed confidence in Donald Trump’s prospects following Joe Biden’s withdrawal from the race. He suggested this outcome would likely prompt the early departure of Gary Gensler, Chair of the U.S. Securities and Exchange Commission, known for his regulatory stance on cryptocurrencies. Despite Gensler’s term officially lasting until June 2026, Thielen anticipates he will resign around the time of a Trump inauguration in early 2025.
Former President Trump will be speaking at Nashville conference at 3 pm Eastern Time on Saturday.
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