The analyst discusses Bitcoin's recent all-time high and subsequent 5.5% downside move, noting increased volatility. He reiterates that Bitcoin is viewed as short-term bullish above the red moving average. He anticipates a sharp correction by the end of August if the condition of closing below the 5EMA on the daily time frame is met. The analyst uses price action statistics and notes that Thursday is historically the most likely day for a negative close, averaging a 1.77% loss and has a boundary at 12700. He points to Bitcoin trading significantly below this as potential confirmation of the expected bearish correction. Analyst stated that long term trend is still bullish but in case of a correction the target is 115700.