Next Monday the markets are closed in observance of President's Day. The holiday goes back to 1885 where it was enacted to honor of the birth of George Washington. In 1971, by executive order, Richard Nixon implemented the Uniform Monday Holiday Act, one of the seminal achievements of his in term(s) in office. It recast the holiday as President's Day so as to include Abraham Lincoln, who also was born in the month of February. The Act also changed Washington and Lincoln's dates' of birth to the third Monday in February. Honoring their birth's turned into an annual three-day holiday. Which brings us to Bitcoin, again. Today BTC is trading around the $48K level, about double what it was on December 25th. Last Christmas was also a market holiday. The point being Bitcoin trades 24/7, 365 days a year, including leap years (next: Feb 29, 2024). That's puts three days in front of us when GBTC and MSTR, our two stock proxies for Bitcoin, cannot be bought or sold. Finally, in yesterday's update I posted a chart of BTC with Fib price extensions into the intermediate term. Below is a similar analysis for GBTC, but carrying the price targets out longer term. Not shown is the 425% extension, which would imply close to a $200K Bitcoin by the end of the year.
