“Skate to where the puck is going to be, not where it has been.”
— Wayne Gretzky
In May 2016, I recommended that my Bull and Bust Report readers buy Bitcoin:
By the end of 2014, no one was interested in Bitcoin. All the sellers were out. It was yesterday’s news. And starting late last year and coinciding with the Fed December rate hike, Bitcoin more than doubled in price to $458, where it is today. As you can see by this one-year chart, Bitcoin is now trading with low volume with ever-higher lows and a flattop resistance point.
The rule of thumb is that the trend will break out and go up as far as it went sideways. This is the “coiled spring” thesis. This would get you a price of $900 BTC… I suspect it will go even higher…
My investment catalyst was based on Bitcoin halving that day. The amount bitcoin miners were paid went from $0.25 to $0.125 per block. That was the start of a long run to $61,999, where it is now.
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The Future Is Here
The first Bitcoin-linked exchange-traded fund officially launched today. The new ETF comes from ProShares and will track the Bitcoin futures market. It will trade on the NYSE under the ticker BITO.
BITO won’t actually own any Bitcoin, but it will give exposure to people who have brokerage accounts but don’t want to go through the hassle of getting a Bitcoin wallet or opening and funding another account from somewhere like Coinbase.
I don’t advise buying Bitcoin here. It will likely be a “buy the rumor, sell the news” type of scenario.
Furthermore, after running from $450 to $62,000 over the past five years, it is unlikely to repeat that type of performance. No, the way you make money in cryptocurrencies is to look at other, smaller, more niche cryptos.
Cryptos like Solana (SOL) have climbed in price from $29 to $157 since July! Solana is a blockchain platform used to create mobile apps.
These types of cryptocurrencies are known as altcoins. You can think of them as the small caps of the crypto world, and they have plenty of upside. I’ve identified six of these coins and have been recommending them to readers of my trading service Launchpad Trader.
Now, these aren’t for everyone, and profits cannot be guaranteed, but it would be worth your while to find out before it’s too late and all the easy money has already been made.
Christian DeHaemer Christian is the founder of Bull and Bust Report and an editor at Energy and Capital. For more on Christian, see his editor’s page.
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