The analysis suggests that Bitcoin shows a pattern of 1-2, potentially a double 1-2 formation, indicating upward movement. It anticipates wave five within wave three. Confirmation for further upward movement is expected above 120220. The analysis also notes the Altcoin season and analyzes Bitcoin dominance, expecting a further move downwards to the 58.59 - 59.60 level. The analyst mentioned that Ethereum is very close to achieve new all time highs.