Will Bitcoin Trading Reversal Lead To New Highs?

Back in December, I highlighted a bitcoin breakout and shared targets of 25120, then 36000.

That target was briefly exceeded before embarking on a deep pullback (25 to 30 percent). But a big reversal at the end of the week triggered a bullish buy signal.

Today, we turn our attention to the Grayscale Bitcoin Trust (GBTC). A long trade has emerged with a trading stop near the recent low around $30. Our initial target for this next leg is $40, with $45 next, and the MFU-4 level at $58 (extreme target).

I currently have two buy signals on this one. The first one is the blue ellipse, which came in on the reversal higher off the recent low. The other one triggered Friday.

Bitcoin Trust Chart

bitcoin gbtc etf trading reversal buy signal chart january 22

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.

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