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Elliott Wave Analysis: Who Is Driving Bitcoin?

Hello traders and investors!

Today we want to show you who is potentially driving Bitcoin. Mike Novogratz's Crypto firm Galaxy Digital Holdings is just one of big investors who are responsible for the price of Bitcoin.

As you can see, there's a nice positive correlation between GLXY and BTC and if we consider a big A-B-C correction from April highs, then wave C can be already in progress.

We also have a nice bearish divergence, where BTC has reached new all time highs, while GLXY didn't, so if we consider that GLXY is trading in an A-B-C zig-zag correction, then BTC could be easily trading in an expanded flat correction.

The main reason for more weakness in the upcoming days/weeks is current sharp decline back below channel support line that can send the price all the way back to July lows.

Be humble and trade smart!

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.