People like Jamie Dimon don’t miss an opportunity to make a buck, any opportunity!
That’s why I’m betting that the CEO of JPMorgan (JPM) is itching at the seams to buy some Bitcoin ahead of the biggest cash flow event the cryptocurrency may ever see.
Sure, he’s on the record as saying that if he were the government he would shut it down, but just last week I told you that you can’t fight the trend… and the trend in this case is clear. I’ll go out on a limb and say that we will be buying Bitcoin in a spot ETF soon, and Jamie Dimon is going to want to make money from us doing it.
That’s just the way he’s wired.
Here’s the thing to watch.
We could see the SEC’s ruling on whether to allow spot crypto ETFs later this week.
The move will be another step forward in establishing Bitcoin and other cryptocurrencies as what I would refer to as “mainstream assets." You know, those assets that your mom, uncle, and financial advisor would add to their portfolios.
On top of that, Bitcoin forming a perfect bullish breakout pattern.
Here’s the chart, and it's bullish as hell.
Bitcoin (BTC) has been consolidating at its highs for the last month or so as we’ve made our way through the holiday trading season. Another reason for the consolidation is that investors are waiting for this decision.
The consolidation sets bitcoin up for a break above $46,000, which would trigger a wave of bullish buying, whether the SEC gets off their butts and makes a ruling or not.
Public pressure – from everyone except Jamie Dimon – is pointing to the approval of a spot product. Worst case would be another delay.
If we see a delay, you can expect a controlled pullback to $42,000 followed by another rally that would then force its way through to $50,000.
Bottom Line
Want to beat Jamie Dimon at his own game? Buy Bitcoin today.
By submitting your email address, you will receive a free subscription to Money Morning and occasional special offers from us and our affiliates. You can unsubscribe at any time and we encourage you to read more about our Privacy Policy.
About the Author
Chris Johnson (“CJ”), a seasoned equity and options analyst with nearly 30 years of experience, is celebrated for his quantitative expertise in quantifying investors’ sentiment to navigate Wall Street with a deeply rooted technical and contrarian trading style.