RATE Group | Investor says Bitcoin price could drop to $6k based on GBTC premium
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Investor says Bitcoin price could drop to $6k based on GBTC premium

13 Oct Investor says Bitcoin price could drop to $6k based on GBTC premium

Posted at 00:22h in Bitcoin News by

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According to Timothy Peterson, an investor at Cane Island Alternative Advisors, the Bitcoin price could drop to the $6,000 region due to the gap between BTC and GBTC.

Historically, Peterson said that the bitcoin price has followed the trend of the premium of the Grayscale Bitcoin Investment Trust (GBTC), an investment vehicle used by accredited and institutional investors to invest in BTC.

In the past month, while the premium of GBTC declined, the bitcoin price has remained relatively stable. Peterson stated that the gap between the premium and BTC could trigger the next downside movement for BTC.

Prediction of 30 percent Drop For Bitcoin

If the Bitcoin price drops to the $6,000 level in the upcoming months as predicted by Peterson, it would indicate a 30 percent decline from the current price at $8,300.

GBTC could be considered an indicator of the…

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