The structure of the rally in GBTC does not look complete. Moreover, even to complete the strongest part of the rally in wave C of 3 GBTC needs to rally in wave ( v ) of C of 3 to another higher high targeting 12.70 – 13.20. The decline off the last top at 10.75 reached on May 10th looks like a textbook corrective wave ( iv ) down structured as a clean (a)-(b)-(c) move. It has tagged 50% retracement of the wave ( iii ), another textbook retracement level.