GBTC (Bitcoin Investment Trust): KABOOM!!! Recommended at $648 and now $835!!! 28% Profit So Far...New Target $2,150!!!
SUMMARY
Just 12 days ago, I had put out a buy recommendation of GBTC (Bitcoin Investment Trust) at $648 and today it has surpassed $835!!
https://steemit.com/bitcoin/@haejin/gbtc-bitcoin-investment-trust-high-impact-trade-buy-usd684-usd648-stop-usd614-target-usd-1400-profit-potential-116
Here is the original chart and original markings used. The Fractal #1 and Fractal #2 were just too uncanny to ignore. This is the power of combining Elliott Waves with Chart Pattern Recognition.
The below chart is updated and the target is no longer $1,400 but now $2,150 as shown by the Elliott Waves. That would represent 238% profit potential from the original buy level of $648!!!
There are many analysts out there calling BGTC as trash or a no good scam given its arbitrage. I don't. I think these analysts should consider with a bit more fiduciary responsibility in that their preconceived negative emotions about GBTC could be robbing their subscribers of MASSIVE profits!
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BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
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LTC Wallet - LefeWrQXumis3MzrsvxHWzpNBAAFDQbB66
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Isn't the GBTC trading at a big premium to the spot price? Maybe that's why everyone is trashing it on the forums.
Gbtc trades on s premium of around 40% I believe. For each share you get 0.09258535 btc, so at current prices of $6355 that makes a share worth $587.84. However a share costs $835 (according to Haejin). That’s a mark up of approx 42%.
I therefore would much rather but btc directly, however most investment vehicles such as pensions do not allow you to hold btc, so this is where gbtc is cleaning up.
Unfortunately, my pension doesn’t allow gbtc either!!
You need to include BCH and BTG as well! They have announced they would sell all BCH and pay back to GBTC holder as dividend. I believe they will do the same to BTG and the coming fork.
I didn’t realise that. That would make the figures better I suppose but I’m really tired on a train on my way home so I’ll leave it to another to do the additional calculation!
Thanks to your analysis! I didn’t sell GBTC at 648 and have been holding it.
This post has received a 4.90 % upvote from @booster thanks to: @haejin.
@haejin : I am following GBTC when it was 300, everyone said it is at a premium of 100%, so I never touched it. However your below post a week back encourages me to buy at 680. yes, It is sitting at 835 today and I am waiting for it to touch 1200. I am not so greedy . Above all, Thank you for the TIP. I am also taking your advice on OMG, which you posted earlier. I am waiting for it go under $7.
Consider laddering in rather than a single Buy transaction.