BITU: Wait For $73,000 Bitcoin (Technical Analysis)
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Mike Fay6.43K FollowersFollow5ShareSavePlay(7min)CommentsSummaryProShares Ultra Bitcoin ETF is unsuitable for long-term holding due to daily 2x leverage and compounding decay.BITU can deliver strong returns during sustained Bitcoin rallies but amplifies losses and underperforms spot ETFs during choppy or declining markets.I believe Bitcoin has likely seen its cycle top, with further downside risk of up to 30% from current levels.I am waiting for a deeper pullback, ideally near $73,000 BTC with bullish RSI divergence, before considering leveraged long positions through BITU. oonal/iStock via Getty Images Just two months after seemingly breaking out to a new all-time high of $126,000 per coin, Bitcoin (BTC-USD) has subsequently fallen all the way to $80,500. Following that late-November low, the coin has since rallied 17% after drawingThis article was written byMike Fay6.43K FollowersFollowFormer media research analyst. Main coverage areas are crypto, BTC miners, metal, and media equities. I'm not an investment advisor. I just share what I do with my own capital and why. Outside of Seeking Alpha, I also write the Heretic Speculator newsletter over at Substack.Analyst’s Disclosure:I/we have a beneficial long position in the shares of BTC-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. I'm not an investment advisor.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Recommended For You