Bitcoin has been on an impressive upward run lately, but history shows that Bitcoin Conferences often signal a turning point, with prices tending to dip afterward.
Heading into this week’s Bitcoin Conference in Las Vegas, Bitcoin is hovering just above $109,000—a near all-time high. Yet, traders remain cautious, mindful of a recurring pattern: Bitcoin tends to falter during and after these major industry events.
Galaxy Research reviewed Bitcoin’s performance at five previous conferences dating back to 2019, revealing a consistent theme of weakness surrounding these gatherings.
At the 2019 San Francisco conference, Bitcoin slid 10% over the event’s duration and then suffered a 24% drop within the following month. The Miami event in 2022 showed a similar pattern—Bitcoin edged down 1% during the conference and then plunged 29% afterward. It’s important to note both took place amid overall bear markets.
Even during more bullish periods like 2023, Bitcoin’s price action failed to gain traction, remaining flat or slightly negative throughout conference weeks.
The 2024 Nashville conference saw a brief 4% rally during the event, fueled in part by then-presidential candidate Donald Trump’s proposal for a strategic Bitcoin reserve. However, Bitcoin quickly reversed course, dropping 20% soon after as global markets reacted to the unwinding of the yen carry trade.
This year, with Vice President J.D. Vance slated to appear and institutional interest ramping up, the dynamics could shift. Still, Bitcoin must overcome not only technical resistance but also a psychological hurdle—conference weeks have repeatedly become occasions for profit-taking rather than fresh buying.
