The analysis discusses Bitcoin's price action using Elliott Wave theory, focusing on intraday movements after PPI news. It identifies a long red move downward and anticipates a wave four within a blue box, testing Fibonacci levels, especially the 0.5 level. The analysis identifies a potential finished impulse with a five-wave downtrend, 1-2-3-4-5, suggesting a possible continuation downward. It considers a new high for Bitcoin at $124,000, evaluating if this signals a completed impulse. Also, a ABC expanding flat pattern is also a possibility, this unfolding could signify an ongoing wave four. Alternatively, the analysis suggests a possible WXY pattern, and points to a key accelerated base channel rejection. Bitcoin dominance is showing potential decline to 57.90, supporting a bearish view on Bitcoin. But an additional 5th wave up to 126.231 would be possible.