Expert Claims Bitcoin Could ‘Go Vertical With A $100,000 Candle’: Here’s The Trigger
July 22 2024 - 3:40AM
NEWSBTC
As the Bitcoin 2024 conference in Nashville draws near, scheduled
for July 25-27, the BTC community braces for what could be a
pivotal moment in Bitcoin’s history. The event is attracting
unprecedented attention, possibly set to surpass the landmark
announcement in 2021 by Jack Mallers that El Salvador would adopt
Bitcoin as legal tender. The anticipation around the conference has
been significantly amplified by the scheduled appearance of Donald
Trump, the leading US presidential candidate. Rumors that began
circulating last week have suggested that Trump might endorse
Bitcoin as a potential reserve asset should he win the presidential
election in November. These speculations were further fueled by
Dennis Porter, founder of the regulatory advocacy group Satoshi Act
Fund, who posted on social media platform X about an unconfirmed
leak claiming that Trump plans to “announce a USA bitcoin strategic
reserve in Nashville,” citing sources wishing to remain anonymous.
Bitcoin Could See A “$100,000 Trinity Candle” Amidst this backdrop,
Dan Ripoll, a former managing director at financial service company
Swan and now a professional trader, outlined a bold scenario that
could potentially more than double Bitcoin’s price instantly if
Trump’s plans come to fruition. Speaking on X, Ripoll described the
possibility as “one of the most gangster moves” Trump could make.
Related Reading: Here Are 5 Reasons To Be Bullish On Bitcoin,
Analyst Says His hypothetical involves Trump announcing at the
conference that he has significantly invested in Bitcoin and plans
to integrate it into the US Strategic Reserve. “Get balls long BTC
(as in thousands of coins) going into the Bitcoin Conference next
week. Announce plans to put BTC in the US Strategic Reserve. BTC
goes vertical with a $100,000 Trinity Candle. Trump quintuples his
net worth overnight. He never sells,” Ripoll theorized. According
to him, such an action would not only enhance Trump’s net worth but
also be positive for BTC hodlers if he keeps his promise. “Then, he
should actually follow through with that promise and start
accumulating BTC once in office. Everyone wins. Gensler comes after
Trump for market manipulation. Trump to Gensler: “You’re Fired”,
Ripoll added. Ripoll also suggested that the Democratic Party could
potentially undercut Trump’s impact by adopting a pro-Bitcoin
stance before the elections, though he expressed skepticism about
their willingness to make such a move. Ripoll stated: “The
Democrats could steal his thunder by coming out in favor of BTC
before the election. But they won’t do it. It makes one question,
how badly to the Dems want to win this thing?” Reactions From The
BTC Community The reactions within the Bitcoin community to this
speculative scenario has been mixed. Eugene Gant expressed
skepticism about the broader implications of linking Bitcoin with
potential political maneuvers, questioning the ethicality of
leveraging a public position for personal financial gain through
cryptocurrency. Ripoll responded by emphasizing the broader
benefits if America adopts Bitcoin as a reserve asset, suggesting
that tying the dollar to “hard money” could stabilize the currency
and benefit holders of Bitcoin. Related Reading: Bitcoin Option
Traders Are Betting On A Price Breakout Ahead Of US Elections: QCP
Capital Another community member, Steve, voiced concerns that
Trump’s history of promoting and then divesting personal ventures
could indicate a similar strategy with Bitcoin—buying low, pumping
the price, and then selling high. Ripoll countered by noting the
common trajectory from skepticism to support within the Bitcoin
community, suggesting it wouldn’t be surprising if Trump had
genuinely shifted his stance. The expert concluded: “Everyone who
is a bitcoin maximalist started off as a bitcoin skeptic. Every
single one of us. It would not be surprising to see that he
actually learned about it and changed his tune. That is the path.”
The anticipation for the Bitcoin 2024 conference featuring Trump is
clearly visible in the BTC price action over the past days. At
press time, BTC traded at $67,373, up more than 24% in the past two
weeks. Featured image created with DALL.E, chart from
TradingView.com
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