Bitcoin's price is currently at $117,821, and the analyst anticipates it might push higher to $118,493, representing the 138% extension level. This level aligns with what the analyst is tracking, it also states that the $118,500 could be the next resistance level. The analyst specifies that for this trend to continue, the price has to remain above the 116000 support level. The analyst notes the formation of a clear ABC structure, indicating a bullish trend, and refers to the five-wave pattern within the C wave. The analysis highlights the rally aligns well with projections from the September low. The analyst uses Bitcoin as a guide for altcoins as long as they are bullish. The analysis suggests a potential pullback to form a wave four after reaching a local top.