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Today we will talk about GrayScale Bitcoin Investment Trust (GBTC). From the Elliott wave perspective, we can see a pretty nice and clear intraday bullish setup formation, which can push Bitcoin even higher. The reason why it has a different structure than Bitcoin is that it's closed during weekends.
As you can see, GBTC looks to have a completed five-wave wave bearish cycle at an 11.93 level. And, with a strong five-wave rebound away from the lows into the first leg (A)/(1), followed by a three-wave A-B-C correction in wave (B)/(2), we can easily expect more upside within a five-wave cycle of the lower degree, at least for wave (C) towards 17-21 area, if not even higher for wave (3).
Be humble and trade smart!
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