Well it looks like the bottom is in for BTC/USD. Everything pointed to a well-developed flat for intermediate wave (4) as I noted at 30k. The recent double bottom move to 31K should end minute wave [ii] of minor wave 1 of intermediate wave (5) of primary wave [3]. If correct, then we should see a nice move up to the much awaited 100,000 level for Bitcoin in the coming months. As you can see in the weekly BTC chart below. BTC found support right where one should expect it to find it: at the lower price channel line and at the wave four of lesser degree, minor wave 4 of intermediate wave (3) low. After re-testing the price channel’s 2/4 Elliott Wave line in minute wave [ii], BTC has rebounded nicely. (Note: the lower channel line in Elliott Wave terms is called the 2/4 line. Second and fourth waves of various degrees often find this line for support. Today’s touch is the fourth touch of this line since the channel was established). Many traders believe this bounce to around 40K will be a bull trap and a sell-off to 20-25K will follow. I think this is very unlikely. However. it is possible that intermediate wave (4) is not over, but its low is in place. In other words, it is possible that we have further consolidation between say 42K and 35k as a triangle is traced out for intermediate wave (4). I would put this scenario as an alternative count with less likelihood than the scenario described above.