Bitcoin is in trouble.

After rocketing to $73,802, it just pulled back to less than $58,000 and could slip even more. 

According to Peter Brandt, the founder of Factor Trading, as noted by Business Insider, he expects Bitcoin to drop back into the mid-$30,000 range, or about 50% lower. In addition, there’s been a significant amount of fund outflows.

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Until Bitcoin bottoms out, one way to trade Bitcoin’s downside is with an ETF, such as the ProShares Short Bitcoin (BITI). This one follows the S&P CME Bitcoin Futures Index, with profitability computed daily (before fees and expenses) as the inverse (-1x) of the index’s daily performance. BITI has an expense ratio of 0.97%. 


Ian Cooper