Expert Claims Bitcoin Could ‘Go Vertical With A $100,000 Candle’: Here’s The Trigger

by

As a seasoned crypto investor with over a decade of experience in the financial markets, I’ve seen my fair share of market speculation and hype surrounding various assets. However, the upcoming Bitcoin 2024 conference in Nashville has piqued my interest like never before. The potential endorsement of Bitcoin by Donald Trump as a US reserve asset could indeed be a game-changer for the world’s oldest cryptocurrency.

As I delve into my research on the upcoming Bitcoin 2024 conference in Nashville from July 25-27, I’m bracing myself for what could be a groundbreaking chapter in Bitcoin’s history. This event is generating an unprecedented level of interest and may even overshadow the monumental announcement made by Jack Mallers in 2021, when El Salvador adopted Bitcoin as legal tender.

The excitement surrounding the upcoming conference has grown substantially due to Donald Trump’s confirmed attendance. Over the past week, whispers have spread that Trump could announce his support for Bitcoin as a prospective reserve asset if he secures the presidency come November.

As a researcher, I came across intriguing rumors that intensified my curiosity regarding the potential involvement of the US administration with Bitcoin. These speculations gained momentum through a post made by Dennis Porter, the founder of Satoshi Act Fund, on social media platform X. He shared information about an unconfirmed leak suggesting that President Trump would announce the establishment of a US Bitcoin strategic reserve in Nashville. The sources he cited chose to remain anonymous.

Bitcoin Could See A “$100,000 Trinity Candle”

In this context, Dan Ripoll, a former managing director at Swan and current professional trader, presented an audacious hypothesis during his interview on X. This hypothesis suggests that Bitcoin’s price could be instantly more than doubled if Donald Trump’s plans materialize. Ripoll characterized this potential outcome as “one of the most bold and daring moves” Trump could execute.

As an analyst, I would interpret Ripoll’s hypothesis as follows: At next week’s Bitcoin Conference, Trump is speculated to reveal that he has purchased a substantial amount of Bitcoins (thousands of coins). He is also expected to announce his intention to incorporate Bitcoin into the United States Strategic Reserve. The market response to this news could result in a dramatic increase in Bitcoin’s value, with potential price movements reminiscent of a “Trinity Candle,” which refers to a specific bullish chart pattern characterized by three large wicks and a long body. Consequently, Trump’s net worth would experience a fivefold increase overnight, and he is believed to have no plans to sell his Bitcoin holdings.

Based on what he stated, such an action would not only increase Trump’s personal wealth but also benefit Bitcoin investors if he keeps his word. He should then fulfill that promise and begin purchasing Bitcoin once in office for the mutual advantage of all parties. Gensler accuses Trump of market manipulation. Trump responds to Gensler with “You’re out of here.” Ripoll made this suggestion.

Ripoll proposed that the Democratic Party might weaken Trump’s influence by taking a pro-Bitcoin position prior to the elections, although he doubted their readiness to take such an action. According to Ripoll, “The Democrats could seize the initiative on Bitcoin support before the election and potentially undermine Trump. However, I have my doubts about their motivation to do so. It raises the question of how strongly the Democrats are committed to winning this contest?”

Reactions From The BTC Community

The responses among Bitcoin enthusiasts to this hypothetical situation have varied. Eugene Gant raised concerns about the moral dimensions of connecting Bitcoin with potential political manipulations, implying that exploiting a public role for personal monetary advantage through cryptocurrency might not be ethical. In contrast, Ripoll highlighted the potential advantages if the United States decides to hold Bitcoin as a reserve asset. He argued that attaching the dollar to “solid currency” could strengthen the currency and bring gains to Bitcoin investors.

Steve, a fellow member of our community, raised some doubts about Trump’s past behavior in handling his personal businesses, which might mirror his involvement with Bitcoin – buying at low prices, artificially inflating the value, and eventually cashing out at a profit. Ripoll responded by pointing out that it’s typical for people within the Bitcoin community to start as skeptics but eventually become supporters. As such, it wouldn’t be unprecedented if Trump had genuinely changed his stance on Bitcoin.

I believe that many bitcoin maximalists, including myself, started off with a skeptical viewpoint towards this digital currency. We were initially hesitant and uncertain about its potential value and significance. However, as we delved deeper into the subject, we were struck by the vast body of knowledge and evidence supporting Bitcoin’s unique attributes. This transformation in perspective is not uncommon among us. It’s a natural part of the learning process, and it speaks to the power of Bitcoin’s potential impact on our financial and technological landscapes.

As an analyst, I’ve noticed a noticeable surge in Bitcoin’s price movement over the last fortnight, with BTC trading at around $67,373 at present – marking a significant gain of over 24%. This uptick can be attributed, at least in part, to the growing anticipation surrounding the upcoming Bitcoin conference in 2024, featuring the former president Trump.

Expert Claims Bitcoin Could ‘Go Vertical With A $100,000 Candle’: Here’s The Trigger

Read More

2024-07-22 10:53