Most traders have been frustrated with the sideways choppy action that both Bitcoin and Ethereum have been experiencing over the past six months now. But this is just the type of market that I took advantage of to build my initial positions in both these assets back in May/June of 2020. This consolidation period has lasted about 3x longer for obvious reasons: A number of large institutions are gobbling up as much as they can prior to the SEC’s approval of their respective spot ETFs. The big news on Friday was the SEC did not appeal the court’s decision favoring Greyscale, and thus likely opening the door to spot ETF approvals in 2023.

My wave counts for both BTC and ETH fit nicely with the huge forthcoming stimuli in the form of the Bitcoin halving this coming spring and the SEC’s approval of a spot ETF for Bitcoin and probably not too far behind for Ethereum as well. I have both BTC and ETH in the same wave count. Both assets off to an intermediate wave (1),(2), minor wave 1,2 start to their respective bull markets. Next up for both should be an impulsive minor wave 3 of intermediate wave (3) leg into the summer of 2024 that make new all-time highs and the long awaited 100k price for BTC.