Brian Stutland of Equity Armor Investments spoke on CNBC's "Futures Outlook" about Bitcoin BTC/USD. He said we have never before in history had a monetary value storage place that is traded down in decimals and it has a finite limited supply.
He sees the $55,000 area as a support area and he wants to use futures to make a bullish trade on Bitcoin. Stutland wants to buy the March expiration contract at $55,500 and his target price is $60,500. He would place a stop loss at $51,000.
Stutland advised viewers to be careful because each contract is 5 Bitcoins so, at the levels he proposed, he is risking $22,500 to make $25,000.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.