The analysis focuses on Bitcoin's price action using Elliott Wave principles. It examines the current formation, suggesting Bitcoin is in a testing area. The potential for a 1-2 reversal pattern is identified, leading to a possible five-wave downward move. Reference is made to Fibonacci retracement levels, specifically between 0.618 and 0.786. Mention is made of the potential for a continued downtrend. The alternative scenario would involve an extension of the current upward wave, pushing Bitcoin to a blue zone to 114831. The bearish scenario identifies key areas of support, suggesting an expanded ABC flat pattern. 114000 is the level that if it breaks the analysis is invalidated.