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Enter this week’s Bitcoin conference in Las Vegas with a price of approximately one record of more than $ 109,000, merchants and analysts closely observe if it has become a low performance trend after these events.
The historical data compiled by Galaxy Research in five previous conferences of San Francisco in 2019 to Nashville in 2024 reveal that Bitcoin has generally gone bad during and especially after these meetings.
For example, the 2019 event saw a 10% decrease during the conference and BTC fell 24% during the following month. The 2022 conference in Miami showed a similar trajectory: 1% less during the event and a low 29% slide in the following month. However, both instances occurred in the middle of the bears markets.
However, even in the years of the upward market as 2023, the price action remained flat or slightly negative.
The most recent 2024 conference in Nashville in July, which had the then presidential candidate Donald Trump promising a strategic Bitcoins reserve, recorded a 4% gain during the event, but a rapid decrease of 20% shortly after, coinciding with the disappointed of the Yen operation that caused a broader risk movement in global markets.
The configuration this year, which will present the current vice president JD Vance, could be materially different as institutional participation increases. Even so, with historical data stacked against him, Bitcoin faces a psychological obstacle as much as technical. The weeks of the conference have become moments of sale of the news.
