Tuesday, June 26, 2018 1:29:15 PM
The ETN Bitcoin Investment Trust (GBTC) have been a favorite of investors as an alternative to buying actual Bitcoin. However, there has been a massive bear market in Bitcoin since the GBTC topped out near $40. Currently trading at $9.40, investors are wondering if the lows are nearly in. The answer is 'NO'. In fact, GBTC just broke below a major support level stretching back to early 2018. This breakdown will yield another major wave of selling, taking GBTC to nearly $5/share. Once there, investors should begin to accumulate. When $GBTC is nearing $5, be ready to hear the panicking, fearful investor and media talking head. This should be taken as a positive and a contrarian indicator.
Gareth Soloway
InTheMoneyStocks
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