Bitcoin is now in the process of pulling back within the 1st leg of a perceived A-B-C correction since completing a 5 of a 5 wave count. This narrowly missed a measured move target in the 6200 region, but is in the vicinity of a terminal wave count. Typically, after completing an impulsive move, it is not uncommon for the initial correction to target the base of the previous 4th-wave, which in this case is in the 5105 region.

That said, because Bitcoin tends to overshoot both to the upside and downside, it would not be surprising to see the 5000 region retested, where the previous 3rd-wave terminated.

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