| The Point of No Return For Bitcoin's Price? |
Bitcoin didn’t have a great year.
After surging to record highs, Bitcoin is now below $88,000 with some traders warning it could drop to less than $40,000. Bloomberg Intelligence strategist Mike McGlone says it could drop to $10,000 in the new year on “post-inflation deflation,” a period when asset prices crash after an inflationary cycle, as noted by DL News.
In addition, as noted by Lucy Gazmararian, founder of Token Bay Capital, as reported by CNBC, “In the past, when the bull market ends and there is a period of depressed prices, often dubbed a “crypto winter,” bitcoin has tended to sit 70% to 80% below its all-time high. This has not yet happened. But concern about this coming to pass is weighing on investors’ minds.”
“Really the timing of the drop, where we are in the cycle, that’s making investors cautious in case we do see that 80% drop,” Gazmararian added.
If you’re also bearish on Bitcoin, you can always short crypto names, such as Strategy (MSTR), and MARA Holdings (MARA). But you can also bet on downside with:
ProShares Short Bitcoin (BITI)
There’s the ProShares Short Bitcoin (BITI), which tracks the S&P CME Bitcoin Futures Index, with profitability computed daily (before fees and expenses) as the inverse (-1x) of the index’s daily performance.
ProShares UltraShort Bitcoin ETF (SBIT)
We can also look at the ProShares UltraShort Bitcoin ETF (SBIT). With an expense ratio of 0.95% and monthly dividends, the ETF seeks daily investment results that correspond, before fees and expenses, to -2x the daily performance of the Bloomberg Bitcoin Index.
Further Reading: Wall Street Legend's Shocking Bitcoin Loophole — No Wallet Needed
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Written by Ian Cooper