Last week’s high at 48.65 stalled a millimeter from the D target shown and left just one rally target at 51.80 remaining to be achieved. That is no guarantee that 51.80, which was given here earlier as 51.92, will be reached. Indeed, it’s possible that Friday’s peak will turn out to have been the climactic blowoff of bitcoin’s historical rally. And yes, if you actually believe that, I’ve got a bridge to sell you. Even bitcoin skeptics must realize by now that any rally target we can come up with acts like magnet, and that is why 51.80 is entirely likely to be achieved. Although knowing the destination will be reached makes for an unexciting spectacle, we still don’t know how ravenous buyers will be when they get there. But if they fist-pump their way through 51.80, it would shorten the odds that 100 eventually will be hit. FYI, the equivalent target for $BRTI, which closed on Friday at 40798, lies at 52192. _______ UPDATE (Jan 16): A slight breach of p=38.45 has opened a path over the near term down to as low as d=32.40, a Hidden Pivot that you can bottom-fish with a stop-loss as tight as 31.99. Here’s the chart. _______ UPDATE (Jan 20, 8:15 p.m.): The steep three-day plunge reversed from within an inch of a 33.58 target derived from using the lowermost of three point ‘A’ highs on the daily chart, 46.80. The 32.40 target given above remains valid in theory, but a rally exceeding 39.04 would put it on ice. If the low holds, the next big rally could hit 53.37 (60-min, A= 28.57 on 12/29). _______ UPDATE (Jan 21, 9:43 a.m.): The low of the overnight relapse so far is 32.20, slightly below the 32.40 target I flagged a while back. 31.73 will max out the pattern. A lesser-pattern ‘extension’ at the rightmost edge of the 30-min chart would allow a 29.01 low (or possibly 30.87= p2; that comes from A=40.74 on 1/19).
GBTC – Bitcoin Grayscale Trust (Last:30.90)