The analysis is based on Elliott Wave theory. It identifies a completed 1-5 wave pattern followed by an ABC correction. The analyst suggests a potential upward movement in Bitcoin's price, outlining wave 1, wave 2, wave 3, wave 4, and wave 5. It's inferred that the market is currently in wave 3, which could extend up to 121850.56. A subsequent wave 4 would bring the price to around 117000. Finally, wave 5 should bring the price further up. A major support level is noted around 111888.70. Liquidation heat map indicates liquidation levels around 115500.