Crypto market has experienced a strong sell-off in the last week or so, after an announcement that Germany’s government has been selling hundreds of millions of dollars worth of bitcoin in the last few weeks; 900BTC in June, then 3K BTC last week and an additional 2739 BTC on Monday. This obviously causes a lot of fear on the markets, but this can be moving into some extremes now so be aware of stabilization at 50k-55k on Bitcoin.

Looking at Grayscale Bitcoin Trust ETF with ticker GBTC, outflows sent price to lower support and from Elliott Wave perspective it can be just making a corrective pullback after testing all-time highs. It seems to be already potentially finishing a higher degree A-B-C correction in wave 4 that can resume the bullish trend for the 5th wave soon.

GBTC Daily Chart

Basic Impulsive Bullish Pattern shows that GBTC can be finishing wave 4 correction within an ongoing five-wave bullish cycle that can cause another rally for the 5th wave.

Basic Impulsive Bullish Pattern

For a detailed view and more analysis like this, you may want to join our live webinar today on July 09 2024 @ 15.00CET. Link here.

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