$GBTC is currently trading at a 13% discount to the Net Asset Value (NAV) of BTC held by the Grayscale trust. I think this means institutions are still more bearish than they should be on BTC, and once BTC cracks $50k with strength, they'll be rushing back in to buy a product like GBTC. Many still don't want to deal with the custody/security headaches of holding spot BTC, so GBTC is best positioned to keep absorbing institutional liquidity.
Bounced off the 200D MA after today's wicked dump, and the 4H market profile is right at $38 where the price eventually consolidated. I truly think BTC will be hitting $100k by Q1 next year, which means GBC can at least double from here as well.
Cheers.
Bounced off the 200D MA after today's wicked dump, and the 4H market profile is right at $38 where the price eventually consolidated. I truly think BTC will be hitting $100k by Q1 next year, which means GBC can at least double from here as well.
Cheers.
The discount has gotten slightly worse, down to -17% as of today. I expect this discount to shrink as institutional investors buy more and more GBTC. Right now they're still traumatized from this year, so maybe fomo won't kick in until $100k btc. Either way, I feel good about GBTC hitting $100 by January.
I see the local bitcoin top being around $120k, which I think will happen between December-February. When bitcoin shows signs of weakness, I'll probably rotate this to the Grayscale ETH trust (ETHE) and then sell my position into cash.