For investors seeking momentum, Global X Blockchain & Bitcoin Strategy ETF (BITS Quick QuoteBITS - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 135.5% from its 52-week low price of $42.50/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

BITS in Focus

The Global X Blockchain & Bitcoin Strategy ETF seeks long-term growth potential by combining prudent management of bitcoin futures positions with exposure to disruptive companies on the cutting edge of the emerging blockchain technology and digital assets theme. The product charges 65 bps in annual fees (See: All Technology ETFs here).

Why the Move?

Many strategists expect bitcoin to hit the $1,00,000-mark this year as the cryptocurrency already hit the $98K-mark. Trump bump has been the key tailwind behind the bitcoin rally. Potential initiatives under the Trump presidency might include: more supportive regulations for the crypto industry in place of a crackdown and the establishment of a national Bitcoin reserve.

Moreover, SEC Chair Gary Gensler announced his resignation last week, effective January, paving the way for improved relations between the cryptocurrency industry and Washington regulators. During his tenure, Gary Gensler frequently clashed with major cryptocurrency companies, with the SEC filing lawsuits against industry leaders like Coinbase.

More Gains Ahead?

The BITS ETF might continue its strong performance in the near term, with a positive weighted alpha of 136.48, which gives cues of a further rally.