Unfortunately, the Bitcoin Dominance reversing higher in my previous update means that investors are moving into safety... due to bearish conditions.
Be mentally prepared if Bitcoin were to drop farther down to the $25,000 range. 😨
The Grayscale unlocking on July 17 has everyone spooked. Lots of Bitcoin will be released ($530M worth) to investors who are in massive profits. 🚨 I have a sense that traders are front-running supply hitting the market and are selling on any thrust upwards, which is why Bitcoin may be having a difficult time moving higher.
www.bybt.com/Grayscale
Be mentally prepared if Bitcoin were to drop farther down to the $25,000 range. 😨
The Grayscale unlocking on July 17 has everyone spooked. Lots of Bitcoin will be released ($530M worth) to investors who are in massive profits. 🚨 I have a sense that traders are front-running supply hitting the market and are selling on any thrust upwards, which is why Bitcoin may be having a difficult time moving higher.
www.bybt.com/Grayscale
Comment:
⛔️ I am NOT shorting Bitcoin. This bearish analysis is for informational purposes only. I believe $100,000 is possible in the months ahead. Short-term price action looks dicey.
Comment:
💡 Update: Grayscale Bitcoin Unlock happens July 17... lock-up period is 6 months.
On January 17 (6 months ago), Bitcoin was trading around $35,800 and the premium to buy GBTC was 11.57% above the spot price.
So, investors who will get their shares of Bitcoin unlocked on July 17 may be at a loss. Hopefully, this will prevent the dumping of 16.24K Bitcoin being released... if the price of Bitcoin is below $39.942. 🤔
($35,800 + 11.57% premium)
✅All the on-chain indicators point to accumulation. Miners are finished dumping.
🚨But institutional investors can buy Bitcoin at a -16% discount if they just buy GBTC instead of Bitcoin on the open market.
If price were to somehow start recovering... I would expect the $40,000 level to be a major resistance based on the Grayscale Bitcoin being Unlocked.
www.bybt.com/Grayscale
On January 17 (6 months ago), Bitcoin was trading around $35,800 and the premium to buy GBTC was 11.57% above the spot price.
So, investors who will get their shares of Bitcoin unlocked on July 17 may be at a loss. Hopefully, this will prevent the dumping of 16.24K Bitcoin being released... if the price of Bitcoin is below $39.942. 🤔
($35,800 + 11.57% premium)
✅All the on-chain indicators point to accumulation. Miners are finished dumping.
🚨But institutional investors can buy Bitcoin at a -16% discount if they just buy GBTC instead of Bitcoin on the open market.
If price were to somehow start recovering... I would expect the $40,000 level to be a major resistance based on the Grayscale Bitcoin being Unlocked.
www.bybt.com/Grayscale