The analysis indicates that Bitcoin is moving in a descending price channel and identifies this channel as a local but moderate downtrend. The analyst observes that it is not an aggressive or impulsive downtrend. The analyst suggests that even if the price breaks below the previous swing lows from September, it would likely move down lower in what could be a C-wave. The analyst states that so long as the price action consists of corrective structures in the pullback, the overall trend is up. Furthermore, even in the orange scenario of a larger ABC structure to the downside, the correction could be nearly done. The analyst suspects the price is 70-80% complete with its move down to the 102099 target.