- Bitcoin $23, 268 & Osprey Bitcoin Trust (OBTC)* $6.12
Previously LOTM mentioned consideration in buying Osprey Bitcoin Trust, so we wanted to bring it back to your attention. LOTM believes an intermediate low has been made in Bitcoin and Osprey is one way to be involved in a Bitcoin rally.
Osprey Bitcoin Trust (OBTC)* $6.12
Bitcoin has shown us all that it is a “risk-on asset” over the past six months. True to form, as stocks rallied today, post the interest rate hike, Bitcoin rallied strongly as well.
Bitcoin 4 hour cycle
I suspect you’ll see OBTC rally on the opening on Tuesday but wait two to three hours into the day if interested in buying OBTC as a substitution for buying Bitcoin directly. So, we do not to see Bitcoin drop below the last low. That would not be a positive technical development. A drop below $20,800 likely takes Bitcoin to $19,100 area. On the flipside a move above $24,200 will likely cause a follow-up rally towards $28,000. I’m using Bitcoin technicals to buy or sell Osprey Bitcoin Trust.
I also deeply interested in Bitcoin because in Equities, I am heavily invested in Soluna (SLNH)* and Galaxy Digital (BRPHF)*. All of these investments are price and psychologically correlated.
- The Osprey Trust was designed to be ¼ the value of Bitcoin. Of course, there will be premiums and discounts to Bitcoin price as Bitcoin is the leader and Osprey the follower.
If you were not aware of the relationship it is a feature worth knowing.
LOTM Research & Consulting Service
* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
Please refer to our web site for full disclosure at www.LivingOffTheMarket.com ZTA Capital Group, Inc.
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