Vertigo3d
Like so many asset classes and industry groups, the mantra is “wait and see” in the crypto space. Bitcoin holds below its May all-time high near $112,000 heading into the second half, and I am downgrading the iShares Bitcoin Trust ETF (
IBIT: Patience Needed As Bitcoin Consolidates (Rating Downgrade)
Summary
- Downgrading IBIT from buy to hold due to stalled momentum and lack of breakout above May highs, despite strong year-to-date returns.
- Bitcoin's price action is mixed versus gold and equities, with recent consolidation and divergence from traditional risk assets raising caution.
- Potential downside support levels are near $98,000, with risk-off catalysts like geopolitical tensions or weak economic data threatening further declines.
- Corporate and retail buying provide a floor, but I remain neutral until a breakout above $112,000 or a retest of key support levels occurs.
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Analyst’s Disclosure:I/we have a beneficial long position in the shares of IBIT 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.
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