Bitcoin has emerged from a multi-year trading base, breaking out to all-time highs. Though the breakout still needs to see follow through buying, bitcoin is generating some big upside price targets.
My research has an initial MFU-2 price target at $25,120, which is where we would expect a pause.
A weekly close above $25,120 will put our MFU-3 target at $36,000 on the radar.
I like the idea of a pairs trade: long bitcoin while using the S&P 500 ETF (SPY) as an offsetting hedge.
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
