- Kaiko revealed in an X post that the GBTC discount is at its most narrow in years.
- According to the post, the GBTC discount stands at just 8% ahead of the possible ETF conversion.
- Technical indicators on GBTC’s daily chart suggested that its price may continue to rise in the next few days.
The blockchain intelligence platform Kaiko revealed in an X (formerly Twitter) post yesterday that the Grayscale Bitcoin Trust (GBTC) discount is at its most narrow in years. According to the post, the discount stands at just 8% ahead of GBTC’s potential exchange-traded fund (ETF) conversion.
The GBTC discount is at its most narrow in years, at just 8% ahead of a possible ETF conversion pic.twitter.com/7sFBduTf2m— Kaiko (@KaikoData) December 5, 2023
Meanwhile, data from TradingView shows that GBTC was up 4.35% and stood at $35.10 at press time. This was after it was able to rise above the major resistance level at $32 over the past 72 hours. Should this bullish momentum continue, GBTC could rise to as high as $40.15 in the next few days.
Daily chart for GBTC (Source: TradingView)
This bullish thesis will be invalidated if GBTC closes a daily candle below the …
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