Opinions
Daniel Straus
Bitcoin Investment Trust
GBTC-OTC
RISKY
Nov 23, 2017
Stock price when the opinion was issued
You might be interested:
Early this year, GBTC had a 50% discount to Bitcoin's price, but now only 18%. She owns a small position. All the fraud that happened last year in this space was a game-changer, so she wants to see the actual use cases of open AI in relation to crypto before she invests. A big wait and see.
According to technical analyst Larry Williams, 8 out of 9 times in the 270-day cycle, Bitcoin has reached a stage where it sold off hard. The last sell-off was Feb-June 2023, then it turned positive. Before that was July-October 2022 when it sold off again. Also, Williams notes that when Bitcoin gets very overvalued vs. gold that Bitcoin hits an inflection point and Bitcoin sells off. Third, Bitcoin is seeing high volumes in it, and that typically signals a sell-off to come. Fourth, his data tells him that professionals are selling into strength. Expect a little weakness, then a bounceback, then Bitcoin will decline hard.
BitCoin Stocks. The investment fund is not an ETF. They are closed end funds. There are no ETFs that hold BitCoins. GBTC-N has pretty high premiums to BitCoin. It is very, very risky. He would wait for an actual ETF. Futures in the currency are coming out shortly and could inspire more ETFs.