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.
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