SUMMARY
Bitcoin (BTC) has likely put in the full five waves, given the correction sequence. IF this is correct, then the correction would likely decline towards the 0.618 Fib level. Soon, the B wave bounce should occur. Since the declin thus far looks like an ABC; the correction could be the Flat type (3,3,5). It it becomes a ZigZag, it doesn't matter.
The bigger picture is showing a rounded price pattern (white line) and the correction could well fit into the handle formation. Even if the correction completes now at the 0.38 level, the handle formation fits as would a decline towards the 0.618. Since wave 5 is NOT extended, it's unlikely for the retracement depth to be 0.78 or 0.88.
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