The analyst provides an update on Bitcoin. The current structure is seen as potentially forming a low in a support zone, with the price attempting to break above a descending trendline. The analyst is tracking a 1-2 setup to the upside, acknowledging a questionable structure in the corrective pullback. The initial move upwards is considered a five-wave move, suggesting a leading diagonal. A three-wave corrective pullback is expected, with the price ideally not breaking below the 78.6% retracement level, which is at $114,470. In this ABC structure to the downside, the C wave should not break below the 78.6% fib level, which they expect to find resistance at. Since the market is bearish, they are looking for a break above the green line at 118,045.10 to indicate that the market has bottomed.