The analysis explores Bitcoin's current position within a support zone, outlining two potential scenarios based on Elliott Wave theory. Scenario one, the 'white count', suggests the price has bottomed out in an internal wave 4 and could rally towards $130,000, breaking above Fibonacci resistance between $119,838 and $123,309, but this scenario is valid only if the price holds above $116,930. Scenario two, the 'yellow count', considers the completion of a five-wave move and the start of a wave two correction, with support around $114,471. Under this view, a B-wave bounce is expected, followed by a C-wave decline towards $114,471, acting as a support level. The 'white count' analysis appears more plausible, due to the move downward showing a 5 wave decline. A five wave down, would mean they already completed the correction and are now pushing higher.