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In my recent coverage of Bitcoin (BTC-USD) I've held a more cautious view due to a variety of factors. Among other things, the capital flow story was deteriorating through March and the
Playing The Bitcoin Breakout With BITU
Summary
- Bitcoin's chart shows a constructive trend, with animal spirits returning, suggesting a potential rally above $100k per coin.
- Bitcoin's correlation with tech stocks has increased since spot ETFs were approved. That said, it remains a strong anti-fiat asset as global M2 rises.
- Technical indicators are positive, with Bitcoin breaking key resistance levels and moving averages, signaling a potential upward price movement.
- ProShares Ultra Bitcoin ETF offers a leveraged exposure to Bitcoin's rally, but it's crucial to understand the risks of 2x leveraged ETFs.
Former media research analyst. Main coverage areas are crypto, BTC miners, metal, and media equities. I'm not an investment advisor. I just share what I do with my own capital and why. Outside of Seeking Alpha, I also write the Heretic Speculator newsletter over at Substack.
Analyst’s Disclosure:I/we have a beneficial long position in the shares of BTC-USD, BITU either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I'm not an investment advisor.
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