Grayscale Bitcoin Trust (GBTC) Poised to Eliminate BTC Price Discount by 2024
Summary:
Grayscale Bitcoin Trust (GBTC) could eliminate its BTC price discount by 2024, according to CoinGlass. GBTC's recent court victory and improved performance have led to a decrease in its trading discount to the Bitcoin spot price. Market participants are now watching for the return of key moving averages as crucial support levels for BTC price action.
The Grayscale Bitcoin Trust (GBTC), an investment vehicle for Bitcoin (BTC), may eliminate its BTC price "discount" by 2024, according to CoinGlass. After a court victory against U.S. regulators, GBTC's performance has improved, and its trading discount to the Bitcoin spot price has reached its lowest levels since December 2021. CoinGlass predicts that the GBTC premium will close the discount next year. With over 600,000 BTC in its fund, GBTC played a significant role in Bitcoin's bull run in 2021. Market participants are now eyeing the return of key moving averages, such as the 200-week and 200-day trend lines, as crucial support levels for BTC price action.
Published At
8/30/2023 8:45:00 AM
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