Bitcoin Calls - Second Tranche In our May 22nd analysis we wanted to add a second tranche to our Long Bitcoin call position any time Bitcoin exceeded $72,000. As of mid-day Wednesday, Bitcoin has traded as high as $71,778, taking aim at its March and April highs (see chart below). Looking back to February, 2024, Bitcoin had a leg up from $50K to $66K in about a month. That is what we are looking for once $72K is exceeded, taking Bitcoin into the mid $80's to possibly over $100K, all before September monthly options expiration. Thus, the reward part of the risk:reward equation is huge, minimum 300% and possibly much higher basis BITO Sep 20th OTM calls. Bitcoin BITO BITO Breaking Out Above $28 ---> Targeting $36-43 Attractive Sep Calls For Next Leg Higher At the March 12th Highs, the 3-month out $30C reached $6.70 from about $1.25 on Feb 12th.. A similar move now (on a new 3-month OTM call) would take the Sep 20th $30C at least that high, for well over a 300% return. Jun 21st $30C performance from Feb 12th to Mar 12th
