Top Ways to Trade Oversold Bitcoin In Today’s Market
After hitting a record high of $73,135, Bitcoin plummeted to about $60,000.
“The leading token by market value has been buffeted by a six-day streak of outflows from dedicated US ETFs. Adding to fears of increased selling pressure, the rehabilitation trustee of Mt. Gox — the Japanese crypto exchange that was hacked more than a decade ago — announced that it would start repayments of Bitcoin and Bitcoin Cash in July,” says Bloomberg.
However, it appears the pullback is overdone. Now back to $61,732.30, it’s time to jump back into some of Bitcoin’s top beneficiaries, including:
The ProShares Bitcoin Strategy ETF (SYM: BITO)
If you believe the value of BTC will push higher, you can invest in the Pro Shares Bitcoin Strategy ETF (SYM: BITO). With an expense ratio of 0.95%, the ETF tracks the performance of spot Bitcoin, and is the world’s largest and most actively traded cryptocurrency ETF, according to ProShares.
BITO is mimicking the price of Bitcoin as closely as possible without investing in the cryptocurrency itself. As noted by Money, “Like all crypto ETFs, part of the allure of BITO is that investors don’t need to deal with cryptocurrency wallets and private keys but can instead invest through a broker they already use.”
MicroStrategy (SYM: MSTR)
With MicroStrategy (MSTR), the stock can push even higher. All because it holds about 214,000 Bitcoin. Just like with the miners, the higher the value of Bitcoin, the higher the potential value of MSTR. In addition, with the recent pullback in Bitcoin, MSTR pulled back to $1,481.26. From here, if BTC can push higher, MSTR is sure to follow.
Riot Platforms (SYM: RIOT)
RIOT also pulled back with Bitcoin, finding support at $9.25. From here, we’re looking for it to jump back to about $11 initially.
Potentially helping, analysts at Bernstein say Bitcoin could rally to $200,000 by 2025 and to $1 million by 2033 – which would easily catapult RIOT to higher highs.
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