The analysis focuses on Bitcoin's short-term intraday price action. The move to the upside is considered a three-wave move up and is labeled as wave one. The entire upward movement may constitute an ending diagonal pattern, forming an ABC structure where the C wave is a five-wave move. The analysis suggests the market should hold above $109,477, which is the 78.6 Fibonacci level, a barrier for market sentiment. Breaking below this level would indicate a bearish scenario, shifting the structure. This analysis suggests a potential target of $121,000.