GBTC is The Bitcoin Investment Fund. One share of GBTC represents 1/10 of the price of bitcoin.
In my update posted on June 4th, 2019 I wrote: “Today, four days after my bearish prediction, GBTC dropped to 9.12. It is entering the Green Target Box … And then we should get a rally in wave A of 5 targeting $12.00 again.”
GBTC bottomed at $9.03 on June 6th, 2019. Today it topped at $12.37. I count this rally as a textbook wave A of 5 that almost never is able to breakout over the top of the preceding rally in wave 3 up. Normally wave A of 5 quickly comes back up to retest the top of wave 3 or even to make a slightly higher low only to reverse and come back down in a corrective wave B of 5 structured as A-B-C. That rally in wave A of 5 has either completed or can make one more push higher to 12.70. And then we should get a pullback in wave B of 5 targeting the Green Target Zone located in between 10.88 and 9.90.