The analysis covers Bitcoin's short-term and potential downside risk. It identifies a corrective B-wave that the analyst considers complete, as it fulfilled its expected function. An ABC structure is labeled. The C wave consists of five sub-waves. The market is near the key pivot point for this B wave. It can potentially grind higher but once this B wave has topped a move towards $100k may begin. The analyst is tracking this as a potential fourth wave pullback, with the caveat the third wave is a little short. It's important to note the current local uptrend, and the analyst emphasizes the need to see how the market reacts to the trend line and the Fibonacci support area around 113580. The price target for a downside move is given at $111,000 with failure to drop being above $119000. There is correlation but not always to the same degree with altcoins.