- On the popular 4 hour chart pattern for Bitcoin, Bitcoin (BTC) has dropped below its 50-unit moving average.
- Grayscale Bitcoin Trust (GBTC) has also fallen below its daily 50-day moving average as well. This suggests a intermediate-term (one to three month) pause or correction. Click here to see the discount to NAV for Grayscale BTC Trust to BTC itself. Today, the GBTC discount to net asset value is 42% of NAV.
In related accounts where we are more active in trading GBTC, we are flat – no position in GBTC.
We like BTC as a long-term asset. At the present time we like gold, silver and copper miners more than BTC for a long-term positions.
Our feeling is that the miners are undervalued and among the cheapest valuation one can find. Our position isn’t so big in Bitcoin that we can’t get in and out quickly. Once we get to a position size that is hard to sell and re-enter easily, we then become a long-term investor.
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Written February 5th, 2023, by Tom Linzmeier, for Tom’s LOTM Blog at https://lotm.substack.com/.
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