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Bitcoin has now gone 137 days without reaching a new all-time high and this comes after the Bitcoin Nashville conference over the weekend, where former President Donald Trump delivered a speech.

According to analyst Jason Pizzino, this phase marks the peak of the cycle where everything appears to be going up, including Bitcoin, other cryptocurrencies, stock markets, and real estate. Historically, such peaks are followed by corrections, which could be more severe than expected given the shallow or quick corrections of the past 15 years. 

He also discussed a signal from March 2024, where the S&P 500 showed three consecutive down days, indicating a potential top for Bitcoin. Since then, Bitcoin has been under its high for 137 days. We are currently in that period, with four months having passed a few weeks ago—about 120 days—and extending up to six months, which would take us to around September 11.

The analyst also noted Bitcoin’s price stability around $68,000-$69,000, with significant support levels identified. Ethereum (ETH) and Solana (SOL) are analyzed, with Solana showing strong performance against Bitcoin and potential for further gains. 

Also Read: Ethereum Foundation Moves $9.16M in TKO Tokens to Bitcoin Suisse, Is Taiko the Next Big Thing?

Will Trump’s Pro-Crypto Stance Send Bitcoin To Moon?

In the recent Bitcoin Nashville conference, Trump urged people to hold onto Bitcoin, suggesting it could become a reserve currency. This announcement, while exciting, should be viewed in the context of historical market behavior, the analyst said.

Senator Cynthia Lummis also proposed that the US Treasury purchase $1 million worth of Bitcoin, though this idea, while intriguing, may be far-fetched given current circumstances. Trump’s comments at the conference reflect a significant shift in attitude towards Bitcoin, from skepticism to advocating its potential as a strategic reserve asset.

Trump’s plans, including firing SEC Chairman gary gensler

gary gensler

Gary Gensler is an enthusiastic leader and the current chair of the U.S. Securities and Exchange Commission (SEC). He has the extreme experience that spans wall street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. He announced several initiatives to enhance investor protections in the $2 trillion cryptocurrency market. He previously led the Biden-Harris transition’s federal reserve, Banking, and securities regulation agency review team. 
 
He was awarded Treasury’s highest honor, the Alexander Hamilton Award, and also was a recipient of the 2014 Frankel Fiduciary Prize. He was born on October 18, 1957, into a Jewish family, in Baltimore, Maryland. Graduated from the University of Pennsylvania, earning a Master’s degree in Business Administration. Additionally, he is also a professor at the MIT Sloan School of management. He has served in various governmental roles since the 1990s, such as the treasury department, Sarbanes-Oxley, CFTC, Swaps, Enforcement, Libor investigation, Maryland Financial Consumer Protection Commission, Securities, and Exchange Commission. 
 
Gary Gensler will probably keep on filling in as seat of the SEC until 2026, accepting his renunciation. He has expressed his desires to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. A few officials as well as his kindred SEC magistrates have scrutinized Gensler for not giving adequate administrative direction on crypto, possibly prompting a standoff between Congress and the association. 
 
The SEC, CFTC, and Financial Crimes Enforcement Network handle advanced resource guidelines in the U.S., however, each with various jurisdictional cases, bringing about an interwoven methodology that crypto firms should explore to work legitimately. Whether 2022 will see a more clear way for organizations in the crypto space is questionable, yet the cosmetics of the SEC’s initiative will fundamentally change following the takeoff of chief Elad Roisman in the first month of the year. Chief Allison Lee’s term is likewise set to terminate in June 2022.

Chairman

, align with what the crypto community wants to hear. However, it’s important to remember that market cycles operate independently of political rhetoric.

He brought to attention the 1930s U.S. ban on gold ownership and compared it to the current promotion of Bitcoin, suggesting that history might repeat itself with Bitcoin becoming heavily regulated or seized by the government in the future.

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