If Precedent Holds, Bitcoin Won’t Fall Much Lower Than the $3,700 Bottom

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Bitcoin has mounted a steep recovery over the past five weeks. Since the $3,700 bottom that was seen on March 12th, the cryptocurrency market has mounted a steep comeback, with BTC reaching as high as $7,470. The past few days, however, have seen the reversal taper off in tandem with the stock market; once again, there are analysts fearful of a return to the lows, or maybe even something worse. Despite this, a growing confluence of signs is showing that Bitcoin is nearing a point at which it may bottom. Yesterday, an unexpected sign was added to that list. Grayscale’s Bitcoin Trust Indicates the Bottom Is In Due to how it is structure, the Grayscale Bitcoin Trust, the flagship product of crypto-fund provider Grayscale, often trades at a premium to the spot price. That’s to say, buying the equivalent of one BTC through Grayscale would cost more than it would…

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