The Bitcoin space is in fire again. Bitcoin itself is about to make a multi-year high, and, in doing so, will probably challeng its all-time highs in 2017. Because of that, bitcoin stocks are going balistic this week. We expect bitcoin stocks to become tenbaggers in a short period of time.
First, the bitcoin price chart looks incredibly strong. This is one of the most bullish charts of 2016, do not underestimate the power of such a chart setup. Expect 2017 to become very hot for the price of bitcoin.
Bitcoin stocks on fire – tenbaggers in the making
As the price of bitcoin keeps on surging, bitcoin stocks are soaring as well. However, that only started this week, particularly on November 17th and 18th. In two days, some of the stocks went up 3-fold.
The first stock we look at is Global Arena Holding, a tiny stock with a market cap of only 191k at the moment of writing. The 1-month chart below shows how the strong volume increase on Friday November 18th.
The company was introduced only recently so it has only a history of a couple of months. The stock price of this company lost 90% in value, so it indicates how high this stock can fly if the price of bitcoin continues to surge.
Next we look at Bitcoin Shop, a company with a market cap of only $5.9M. We see the same pattern of a very strong volume increase in the last couple of days, with an exponential rise of its share price.
On its 2-year chart, we see how low this stock price has gone. It also suggests how easy it will be to become a tenbagger, or even a hundredbagger.
Please note, investing in this type of stock is extremely risky. Positions can not exceed 1% to 2% of one’s portfolio. Investors should consult their financial advisor before taking positions in nano-cap stocks like the ones mentioned in this article.
By Taki Tsaklanos – This article originally appeared on Finance 2.0