$BTC $ETH $GBTC $SOL Elliott Wave Crypto CRASH Update Aug 5, 2024

### $BTC $ETH $SOL $GBTC Elliott Wave Crash Update — August 5, 2024

Note: This is an AI Generated article using Chat GPT

The cryptocurrency market has experienced significant volatility recently, with major players such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and the Grayscale Bitcoin Trust (GBTC) undergoing notable corrections. Here’s a detailed Elliott Wave analysis of their recent movements and potential future trends.

#### Bitcoin (BTC)
- **Wave 3**: BTC surged from 25,417 to 72,100.
- **Wave 4 Correction**: The expected .382 retracement was 54,267. However, BTC overshot this level, hitting a low of 49,000.
— **Current Status**: Despite the deeper correction, this movement appears to be part of a Wave 4 correction rather than a complete trend reversal.
— **Outlook**: BTC is likely setting up for a Wave 5 upward move. If the 49,000 level holds, we could see a strong rally back towards previous highs.

#### Ethereum (ETH)
- **Wave 3**: ETH climbed from 1,563 to 3,759.
- **Correction Levels**: The .382 retracement level is at 2,920, but ETH dropped further to 2,400.
— **Current Status**: The deeper correction suggests that this may be a Wave 2 correction, approaching the .618 retracement level, which often signals a strong support zone.
— **Outlook**: If ETH stabilizes around the 2,400 level, it could indicate the completion of Wave 2, setting the stage for a powerful Wave 3 upward move.

#### Solana (SOL)
- **Previous Support**: The A wave support level was 126.
- **Current Movement**: SOL held strong, hitting a low of 130, which is a positive sign amidst the market turmoil.
— **Current Status**: SOL remains one of the strongest performers among major cryptocurrencies. It needs to break above 187 to confirm the next upward Wave 5.
— **Outlook**: A successful break above 187 could propel SOL to the 215–220 range, indicating a robust upward trend continuation.

#### Grayscale Bitcoin Trust (GBTC)
- **Wave 3**: GBTC rallied from 15 to 57.
- **Wave 4 Correction**: The .382 retracement target was 39–40, and GBTC touched 39 before bouncing significantly.
— **Current Status**: This movement aligns with a typical Wave 4 correction, suggesting a potential Wave 5 rally ahead.
— **Outlook**: GBTC looks poised for a Wave 5 rally, with targets in the 65–70 range if the current support holds and momentum builds.

### Conclusion

The cryptocurrency market’s recent corrections are likely parts of larger Elliott Wave patterns, suggesting that these assets might be preparing for substantial upward movements.

1. **Bitcoin (BTC)**: The correction to 49,000, although deeper than the .382 retracement, aligns with a Wave 4 correction. Holding this level could signal a strong Wave 5 rally.
2. **Ethereum (ETH)**: Dropping to 2,400, nearing the .618 retracement, suggests a Wave 2 correction. Stabilization here could set up for a significant Wave 3 rise.
3. **Solana (SOL)**: Holding above 126 and needing to break 187 to confirm a Wave 5 target of 215–220.
4. **Grayscale Bitcoin Trust (GBTC)**: Touching the .382 retracement at 39 and bouncing suggests a Wave 4 correction, with a potential Wave 5 target of 65–70.

Monitoring these support and resistance levels will be crucial. If the markets hold their current support zones and start to rally, it could mark the beginning of significant upward trends in the coming weeks. Traders should remain vigilant, as the high volatility in these assets presents both opportunities and risks.