SUMMARY
Bitcoin Investment Trust (GBTC) is still in the upward progression in an impulse move. The blue waves show that 1,2 and 3 are complete with 4 about half done. Recall that per Elliott Wave rules, wave 4 of an impulse motive can't overlap with the peak of wave 1. This means that wave 4 won't likely be a deep retrace but about 0.38 Fib level of the blue wave 3. Then wave 5 should complete.
Putting together the subwaves, the blue waves become subwaves to purple wave 1 which will be followed by purple 2 that will likely be 0.618 or 0.78 Fib level retracement. Then purple wave 3 will create some fireworks! The purple five waves are themselves subwaves to the white wave 3 and by then, there is a real potential for GBTC to hit all time new highs; while Bitcoin doesn't. How is this possible? GBTC trades to a premium to the BTC spot price. When sentiment becomes frothy; that premium will extend by that much.
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