We talked about bullish GrayScale Bitcoin Investment Trust (GBTC) already back on February 28th with a weekly free chart, where we mentioned and highlighted an ongoing five-wave impulsive bullish cycle.

GBTC weekly chart from February 28 2024

Chart

Well, as we actually expected, after GBTC reached all-time highs, we can see a projected slow down that looks like a wave (4) correction.
A correction actually occurred a month before the Bitcoin halving and finished right before the Bitcoin halving. And, as you can see now in a closer, 4-hour chart after the halving, GBTC is bouncing from projected support after a completed A-B-C correction in wave (4), so wave (5) is now in progress, which can easily lift Bitcoin price back to highs as well.

GBTC four-hour chart from April 23 2024

Chart

Even new-listed VanEck Bitcoin Trust ETF (HODL) is looking for a bullish continuation within wave (5) of an impulse from the lows after recent nice and clean A-B-C correction in wave (4).

HODL four-hour chart from April 23 2024

hold4h

For a detailed view and more analysis like this you may want to watch below our recording of a latest live webinar streamed on April 22 2024:


Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.


By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!

By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum may shoot past $4,000 as Michael Saylor believes spot ETH ETF will help Bitcoin

Ethereum may shoot past $4,000 as Michael Saylor believes spot ETH ETF will help Bitcoin

Ethereum bulls push ETH's price as Fear and Greed Index shows investors' overconfidence. Michael Saylor changes perspective, now believes spot ETH ETFs are net positive for Bitcoin. Ethereum Pectra upgrade scheduled to launch in Q1 2025.

More Ethereum News

Bitcoin ETFs hit new milestone as crypto community awaits price surge

Bitcoin ETFs hit new milestone as crypto community awaits price surge

Bitcoin ETFs worldwide now hold a record 1 million BTC, according to a recent X post by MicroStrategy CEO Michael Saylor. With the new milestone, Bitcoin may see a rally as Presidential candidate Donald Trump makes another pro-crypto comment.

More Bitcoin News

CAT enters free fall after crypto sleuth alleges founders behind GCRClassic hack

CAT enters free fall after crypto sleuth alleges founders behind GCRClassic hack

Crypto detective ZachXBT says team behind Solana-based CAT meme coin is connected to the GCRClassic X account hack. Hackers opened long positions on ORDI and ETHFI before posting about them from GCRClassic's account. 

More Cryptocurrencies News

PEPE hits new all-time high, meme coin could extend gains

PEPE hits new all-time high, meme coin could extend gains

PEPE hit a new all-time high at $0.00001725 on Monday, May 27. The frog-themed meme coin noted a surge in active addresses and social dominance amidst rising price. PEPE extended gains by over 4% on Monday and added 81% to its value in the past seven days. 

More Pepe News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP