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BITCOIN (BTCUSD) is approaching very important and psychological 10k target area and what is very interesting is that from the Elliott wave perspective, it is clearly finishing five waves up, which means that we have to be aware of limited upside and a potential bearish reversal into a deeper and a higher degree correction. The main reason for a potential decline can be also seen in the GBTC (Grayscale Bitcoin Investment Trust) chart in which we see a completed leading diagonal from the lows. All that being said, due to a five-wave rally from the lows, the Crypto market can be bullish confirmed, but now when it is approaching an important target with five waves, we just have to watch out for corrective declines before the uptrend resumes.

BTCUSD and GBTC ( Grayscale Bitcoin Investment Trust) charts, 1h + 4h

Trade well,

The EW-Forecast team