Bitcoin Update

[spasovid]

Hi Sol,

Do you have any update on bitcoin, as it has been a while since the last update? Are you still expecting the $23K range to be hit now that a couple days this week has seen bitcoin trade in the $30K range?

In the 10/12/2023 issue, you stated, "We successfully scaled out of GBTC with a modest gain. Bitcoin is currently in a
consolidation/correction phase, and there's a higher likelihood that it might undergo a test of the 23K
range, with a variance of approximately 500 dollars. Market update Sept 7, 2023
The midterm picture is still unclear. We will wait for it to become clearer before adjusting our entry
points. Once it improves, we will contemplate modifying the entry points for GBTC."

[SOL]

It hasn't completed one entire cycle from overbought to oversold on the weekly charts. This entails the following: it should shift from overbought to oversold and then start trending upwards. However, it has completed three half cycles, going from overbought to neutral and then back to overbought. Usually, this pattern doesn't offer a favourable risk-to-reward ratio. While the market may continue to trend upward, it's often wiser to invest in other markets. So, we will get in, but we won't pursue it aggressively.