December last year I did a first update on BitCoin (see here). Based on a member request I charted the GBTC (Bitcoin investment trust) today, with a re-analyses of the BTC chart as well. I found that in my analyses from December major wave 1 and 4 overlapped (June 2017 high and September 2017 low) Thus those are major-1 and intermediate-ii waves. See updated chart below. Continuing along this new line I than am able to count a Primary III/C top at the ATH made late-2017 at almost $20,000. What followed was a clear abc decline into what can be Primary-IV.
I than went to the GBTC chart and started counting it, using the data available which goes only back to late-2016. Albeit a different internal count compared to the actual BTC, I do find also find a Primary III/C top in late-2017 with possible a Primary IV top at the early February lows. This give me more confidence that the count presented is correct.
Why “III/C” and “possible IV”? Because we don’t know for sure if BTC will move in 5 waves up or only 3. In addition, currencies often move in 3s. Thus, the recent low may have been Primary A instead of IV, and Primary B is now underway with the recent high major-a and major-b now underway. We simple can’t be certain. If Primary V is underway it should target $38-$40. In the case of a c-wave up, it should target around $28ish.