The analysis, based on Elliott Wave principles, suggests a potential bearish scenario for Bitcoin (BTCUSD). It presents three alternative wave counts, all indicating a possible move to the downside in the short term. The analyst expresses uncertainty about the security of Bitcoin, stating the price may reach approximately $117,000 before descending further. The analysis highlights that a truncated 5th wave has occurred because the latest high didn't exceed the previous high. The analyst also noted key price levels such as 128714.32. The analyst shows a divergence on Bitcoin dominance also which leads him to believe that a bearish scenario may occur. The bullish scenario ending diagonal pattern near 128714.32 and may lead to a bear market.