The analysis identifies two potential scenarios for Bitcoin's future price movement based on Elliott Wave theory. It highlights the possibility of a Wave 3 completion around $117,550 and discusses a potential Wave 4 pullback. A break below $116,600 is indicated as a sign that Wave 4 has begun. It notes that the upward movement has been choppy. The analyst then offers an alternate count suggesting that a high B wave will go to 117,571 before a five wave pull back. If a pull back holds above 113,700 a flat pattern correction is expected. The invalidation for the bull case is August 3 low at $111990.