As the markets begin their journey into summer, one particular asset stands out: Bitcoin. Starting with the longer term view illustrated below with a 2-Day chart, Bitcoin is in the final leg of a five wave sequence that started in late 2022 and is now targeting a half million dollars. Do I have your attention? BTC 2-Day We are monitoring the shorter-term trends for an entry long that will signify the end of what I have labeled as a Wave 2 retracement from the $112K high the third week in May. It can come at any time and although later this summer has the better, "EW look," EW theory allows for it to come as early as the next channel breakout, including the days and weeks immediately ahead. Once that Wave 3 begins, the run-up will be fast and furious, as Wave 3's UP generally are and we want to be ready. The purpose of this Weekend Update is to get the idea in every option trader's head that the next blue UP arrow could be one of the great option trading opportunities of a lifetime, so DON'T MISS IT! Although I'm not expecting it over the next few days, or even weeks, my expectations having nothing to do with it. When its time to act, knowing it was anticipated will help you act with conviction, purpose and confidence. Let's drill down to the shorter term charts and see if there is reason to anticipate that breakout anytime soon, or at least, any time in June. BTC Daily The best, most reliable Buy Signals come at the breakouts of retracement channels, those that are labeled with even numbers, either "2" or "4" in the parlance of Elliott Wave Theory, As is illustrated in the Bitcoin chart above, price is currently in a Wave 2, the end of which is unknown and the best we can do is apply a Fibonacci measured retracement zone and wait for a price reversal at one of the natural Fibonacci support areas: BTC w/Fib Support Key Takeaway: Bitcoin has already reached a natural support area @ 23%, but there are more likely support price levels lower, so we must wait for price to reverse up before concluding that the Wave 2 retracement is over. BTC 180 Minute (3 Hour) Bottom Line: Although a robust rally is expected beginning sometime this summer, it is too early in price development to suggest buying calls. That could change any day, so as the Boy Scout motto suggests: Be Prepared. IBIT Sep Calls Option Analysis Bitcoin and IBIT were both up 50% from their respective lows in April, at the time of their last intermediate term Buy Signals shown on the Daily chart above. Assuming a run of at least that magnitude coming out of the next intermediate term Buy Signal, if that signal were to come around current prices, IBIT will be up $90-$100. That would price the Sep $75C at a minimum of $15, or approximately 8X-10X current pricing. In other words, if that next Intermediate Buy were to come in the next few days, we will be buying the IBIT Sep $75C, at the market. Worth Viewing (36 minutes) Michael Saylor: 21 Ways To Wealth | Bitcoin 2025 Keynote Speech Active Options PRO Premium
