Bitcoin GBTC Price News Today – Grayscale BTC Technical Elliott Wave Analysis and Price Prediction!

Bitcoin GBTC Price News Today - Grayscale BTC Technical Elliott Wave Analysis and Price Prediction!

Foreign Welcome to another update video today I'd like to talk about the gray State Bitcoin trust to an a TA video about it Yeah Elliott wave analysis Um because basically Bitcoin here is at A discount Um this grayscale trust or gptc has Dropped much more than the actual Bitcoin price and the reason is that There are certain involvements with FTX Now grayscale have said that if they Have tweeted that they have sufficient BTC they have enough Bitcoin to fulfill All well all requests or withdrawal Requirements they have everything backed And you know I obviously we are no Insiders I'm no Insider I have no idea What I can tell you that they are very Much involved with the SEC or they have Some involvement they you know there are Certain auditing taking place and there Are certain regulatory requirements that They I believe fulfill so I would be Inclined to believe them that there is No risk of any collapse but of course You know we don't know that Fundamentally we can only look at the Chart sorry from From a technical point of view and Overall the chart is to a degree similar To bitcoin but there are some Differences especially very late you Know lately but we take a look at that

So overall I would go with a wave one That was here December 2017 we came down In a wave two Um here's a bit of a difference to Bitcoin I think we came down here in Sort of January 2019 I would be now in The way three or we come into the Wave 3 Next sorry uh we will have a way four And away five so this is sort of the Long term view yeah Um Very long term view so this would go Higher And it's not so relevant for our short Term View here about this on this chart Because then in this third wave we've Got obviously this structure here and This is sort of what is relevant at the Moment my view is that we had a wave One here that was back in March Yeah actually February March 21 and We're now coming down in a two There will be a three afterwards away Four and away five to finish off this Wave three and I'm going to change to The wave degree and the color as well so That things are getting a bit more Clearly more clearer So like this yeah and a possible Target For the third wave I can give you as Well So we look here at around yeah maybe one Hundred dollars for a wave three

Maybe a bit more okay the wave three in White Um here very interesting phenomenon is That the grayscale or gptc Price Actually in November October November Did not make a higher high compared to The one earlier in 2021. Bitcoin did That and that for me just again confirms That that high that we made in November On the Bitcoin chart is really only a Wave B So because I've been telling you for a While that my view is this was an a this Was a b coming down in C at the moment Do I believe the gbtc drop is finished Not at the moment and we take a look Here at the shorter time frame chart And My view is That we came down here from the high at Around 55 dollars came down in a wave Um one This it was with two retracement then a Three A full And we're currently coming down here in Five five of C of two and again I'm Going to change the wave degree Maybe color Yep and that is where we're at you know In this sort of Fifth wave to the downside Um Where

We can look at this as some kind of an Ending diagonal and I have to go maybe To the daily chart take a closer look at This so just to to label here this fifth Wave Um at the additional subwaves here my View is that we've had here another one Two setup this is probably a three down At the moment might be finished it'll be A four and a five down so I've been Looking at one more low E ideally again Before we zoom in let me put another Wave degree on And then we zoom in And this is how I would see this that we Had a wave one which was quite long Basically an ending diagonal that's Playing out here and then a wave three Down here on the 11th of November And I have to go to the four hour then We see a bit more this could currently Be at just the way four and we've Already made a new low here and we're Coming down in a fifth wave to the Downside And we're already at around eight Dollars so We could we could we could Let's see if there's any kind of trend Lines we can draw well you could draw a Trend line like this I think this is sort of probably quite a Relevant one Based on this we've just hit support

Um but there is no side has bottomed Really And if we really go into the very short Term here In the very short term you can actually See that If this really already is the fifth wave Of the fifth Then you can count this again as one two Three four and one more leg down and as A Target we could then take This as a one two and we look at the Fibonacci extensions Um We look at the 2.618 extension around 650. yeah that's sort of what I can what I can look at at the moment so here one Two three this might be a four we're Putting in again this is really really Um micro counting here but just want to Give you a view on this interesting Chart so retracement first retracement Minimum actually we put here quite a bit Of a green candle in but in a way four Because if we say one two three four Five the way four would normally retrace To ideally the 38.2 retracement it's 850 Maximum 860 if we get above 860 maybe The low is already in okay but primarily I would expect here lower prices into The yeah 650 maybe seven dollar region Okay and that's my update about gbtc let Me know in the comments if you want me To keep an eye on a gptc in the future

As well and other than that I hope you Like the update if you did please hit The like button leave a comment and Subscribe and if you really like the Content then please check out the Channel membership thanks a lot for Watching bye

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