Crypto market has experienced a strong sell-off in the last week or so, after an announcement that Germany’s government has been selling hundreds of millions of dollars worth of bitcoin in the last few weeks; 900BTC in June, then 3K BTC last week and an additional 2739 BTC on Monday. This obviously causes a lot of fear on the markets, but this can be moving into some extremes now so be aware of stabilization at 50k-55k on Bitcoin.
Looking at Grayscale Bitcoin Trust ETF with ticker GBTC, outflows sent price to lower support and from Elliott Wave perspective it can be just making a corrective pullback after retracing down from all-time highs. It seems to be moving now into late stages of an A-B-C correction in wave 4 that can resume the bullish trend for the 5th wave soon. We also see that around 45-50 zone, wave four equals to wave two, near the trendline support connected from 2023 lows which certainly suggests that the bull trend is not being broken yet.
Based on a basic Impulsive Bullish Elliott Wave Pattern, it appears that GBTC can be still in the middle of an ongoing correction within a higher degree five-wave bullish cycle that can resume soon.
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