Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Here we go again.
Or, maybe not. As you can see from Dave Fry's (welcome back!) Dow chart, we're right back where we were at the June consolidation lows and maybe we'll panic down and test those spike lows but we're not as worried (yet) about a big drop as we were in June, when I sent "Hedging For Disaster – 3 More Option Plays that Make 300% if the Market Falls" to our Members.
We spiked to a low 3 weeks later, on the 24th and those trade ideas did a wonderful job of offsetting losses and putting cash in our pockets – which is exactly what insurance is supposed to do.
While others were panicking out of position on June 26th, I wrote "Wall of Worry Wednesday – Time to Climb Again?" and we took up the conrary position – especially on gold, which had fallen to $1,222.90 at the time and we decided we were ready to catch that falling knife. We were off the low by $50 but we've already exceeded our recovery goal of $1,350 and, of course, all of our miner plays are golden!
Of course, the option trade idea was a bit more profitable as we went with shorting the 2015 $10 puts for $2 (now $1) top pay for the Jan $19 calls at $1.70 for a net .30 cash credit. The Jan $19 calls are now $7.70 and that puts the trade up an even $8 total of 2,667% on cash in 90 days. As I had noted in our August Trade Review – I rarely play silver, as it's so volatile – but that's no reason to not play it when it makes a clear bottom or top.
Silver itself (AGQ is a 2x Ultra-ETF) rose from rose from $18.50 to $24.50 and 32% is a…
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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