This Is Where Smart Money Expects To Buy Bitcoin Investment Trust
InTheMoneyStocks.com | Jun 26, 2018 02:09PM ET
The ETN Bitcoin Investment Trust (OTC:GBTC) has been a favorite of investors as an alternative to buying actual bitcoin. However, there has been a massive bear market in bitcoin since GBTC topped out near $40. Currently trading at $9.40, investors are wondering if the lows are nearly in.h3 Buy Here/h3
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 nears $5, watch for the panic. This should be taken as a positive and a contrarian indicator.
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