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Grayscale Bitcoin Trust GBTC

Is Grayscale GBTC Signaling An Imminent Bitcoin Breakout?

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The SEC must appeal Grayscale’s recent court win by the end of the day today, or will be forced to approve or delay the company’s plan to convert GBTC into a Bitcoin ETF.

The Grayscale Bitcoin Trust (GBTC) chart could be signaling an imminent breakout, which could hint at the SEC failing to file an appeal by the deadline. Is this a sign of what is to come in the spot crypto market?

Grayscale Bitcoin Trust Begins Possible Bullish Breakout

The price of per BTC is determined on the free and open market, based on an order book system of bids and asks that represent supply and demand. If there are more buyers than sellers, price moves up and vice versa.

Grayscale on the other hand owns a substantial amount of Bitcoin in which it holds in trust, and offers investors shares of this product as GBTC. It attracts a very different type of investor than the retail-driven crypto market, who aren’t interested in digital asset custody.

Related Reading: Bitcoin Kisses Growing Correlation With S&P 500 Goodbye

The price of GBTC can trade at a premium or discount compared to the price per coin, depending on investor sentiment. Over the last several months, Grayscale’s Bitcoin Trust has been making much higher lows than the spot chart.

And as of this week, GBTC might have broken out of resistance and is signaling a possible move higher. With the possibility of the SEC failing to file for an appeal by the end of the day today, sentiment could switch decidedly bullish in crypto.

 

BTCUSD_2023-10-13_10-44-13

BTC (left) versus GBTC | GBTC on TradingView.com

Spot Price Lags Behind, But BTC ETF Season Could Be Here

Crypto industry lawyers reveal that the SEC could ultimately find other reasons to deny Grayscale’s ETF application, however, the SEC appears to be running out of reasons to deny or delay the approval over a slew of spot BTC ETFs. The SEC has seven applications to consider, which include BlackRock’s iShares.

Related Reading: Bitcoin Marked For Death Cross: What Data Says About The Ominous Signal

As a speculative asset class, the SEC missing the appeal deadline could send speculation wild that a domino-effect of ETF approvals could be on the horizon. An ETF has been heralded as potentially bringing hundreds of billions, if not trillions of dollars into the top cryptocurrency by market cap.

Could the Grayscale Bitcoin Trust chart be foretelling the world that spot ETF season is right around the corner?

One coin, two charts #Bitcoin (left) versus #GBTC (right)

Is Grayscale's BTC signaling an early breakout and prelude of what's to come? pic.twitter.com/zavJ2isWLA

— Tony "The Bull" (@tonythebullBTC) October 13, 2023

Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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