The analyst discusses the Elliott Wave cycle in the context of the crypto total market cap, suggesting that the first four waves have played out straightforwardly, but the later stages become increasingly difficult to predict. The speaker notes how the fifth wave extension is important to reaching the end of the overall cycle. Volume is decreasing on the weekly chart, presenting a warning, while daily analysis of Bitcoin exhibits continued strength above 115800, which is over the 50% level. The expert is watching closely because a break from the current level, followed by an expansion and failed retest of the lows, would invalidate the thesis. They suggest the bullish trend remains, even with shorter term warning signs and mention if price drops below 113000 with closes and lower highs a strong signal will appear.