I’m showing a new wave count for BTC that channels well and predicts a very nice intermediate wave (1) high at the previous all-time high. In spite of this count’s deep wave [iv] retracement, this count obeys all EW rules. In addition if the minor wave 2 low is in the neighborhood of the current BTC price, then the 2.618 extension off the 1,2 move would provide a typical double top look for the intermediate wave (1) high.

The look of this count is very similar to the minor wave 1,2 start to intermediate wave (3) of primary wave [2] back in 2020. Like the minor wave 2 pullback back in 2020, this minor wave 2 pullback is relatively shallow, though not as shallow as in 2020, but more to the point, like in 2020, minor wave 2 would find support at the upper band of the Gaussian Channel. Obviously, this count allows a much deeper pullback. The mid channel line sits at 22,200 and the lower GC band is way down at ~19.3K.

Let’s see if BTC can find support near current levels and then break up out of the bullish falling wedge. Stay tuned.