After hitting a record high of $73,135, Bitcoin plummeted to about $60,000.
“The leading token by market value has been buffeted by a six-day streak of outflows from dedicated US ETFs. Adding to fears of increased selling pressure, the rehabilitation trustee of Mt. Gox — the Japanese crypto exchange that was hacked more than a decade ago — announced that it would start repayments of Bitcoin and Bitcoin Cash in July,” says Bloomberg.
However, it appears the pullback is overdone.
If you pull up a two-year chart of Bitcoin, it appears to have bottomed out at its 200-day moving average. Plus, it’s oversold on RSI, MACD and Williams’ %R. All of which has us believing a bottom may be firmly in place.
And if that’s the case, investors may want to jump into a long Bitcoin ETF, miners, and stocks that benefit from rising Bitcoin prices, including:
The ProShares Bitcoin Strategy ETF (BITO)
If you believe the value of BTC will push higher, you can invest in the Pro Shares Bitcoin Strategy ETF (BITO). With an expense ratio of 0.95%, the ETF tracks the performance of spot Bitcoin, and is the world’s largest and most actively traded cryptocurrency ETF, according to ProShares.
BITO is mimicking the price of Bitcoin as closely as possible without investing in the cryptocurrency itself. As noted by Money, “Like all crypto ETFs, part of the allure of BITO is that investors don’t need to deal with cryptocurrency wallets and private keys but can instead invest through a broker they already use.”
Sincerely,
Ian Cooper
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