I am by no means an EW expert, in fact, I am often quite skeptical of it.

But sometimes, as with other tools, it proves to be a useful instrument.

What if we have misread BTC’s behavior the past years? I was thinking how BTC can make such a weird looking structure and how it could fit into the grand scheme of things.

Maybe an expanded flat could be the answer: http://technical.traders.com/tradersonline/display.asp?art=8781

According to that theory, we are now in the C wave of this corrective structure. Wave C goes lower than wave A, so we should hit below 28.8k, therefore I think we will hit either
the MA200 at 22k or in an extreme case the MA290 at 17k .

Afterwards, if we are lucky and that pattern holds true, we might see BTC rally, which would certainly come unexpectedly for many. And because it is so weird an unexpected, it would nicely fit
Bitcoin’s behavior of the past years.

This can of course only occurd if DXY starts to fall after BTC has seen the low.