Bitcoin Conferences Are Offering Valuable Opportunities

As bitcoin approaches the upcoming Bitcoin Conference in Las Vegas, priced around an astonishing $109,000, market participants are alert to a recurring pattern of subpar performance often observed after such events.

Analysis by Galaxy Research of five previous conferences, spanning from San Francisco in 2019 to Nashville in 2024, indicates a consistent trend where bitcoin typically declines both during and, more significantly, following these meetings.

For instance, the 2019 conference led to a 10% drop during its duration, followed by a sharp 24% decline in the ensuing month. A similar pattern emerged in the 2022 Miami conference, with a 1% decline during the event and a notable 29% drop in the subsequent month. Importantly, both incidents were set against the backdrop of bearish market conditions.

In contrast, even during bullish periods like 2023, the price movements remained either flat or slightly negative.

The Nashville conference in July 2024, featuring then-presidential candidate Donald Trump advocating for a bitcoin reserve, recorded a modest 4% gain during the event, but this was quickly followed by a sharp 20% decline as the yen carry trade unwound, leading to a more risk-averse atmosphere in global markets.

This year’s conference is anticipated to be distinct, showcasing significant institutional participation with current Vice President J.D. Vance. Nevertheless, historical trends suggest bitcoin encounters both psychological and technical barriers, as these events often evolve into opportunities for selling the news.