The analysis indicates that Bitcoin is currently in a potential wave two of an expanding flat correction, following a 1-2-3-4-5 wave sequence. The target is approximately 110706.76, based on Fibonacci extension levels. The current price is about 109546.99. There's a strong possibility the price will reverse after reaching the 1.38 Fibonacci level. The analyst suggests considering a deeper wave four which would invalidate the initial wave count around 106500. The analyst also considers alternative scenarios including triple one-two's, leading to lower prices. The broader view points to a potential bearish trend, particularly if the price fails to sustain above the blue box levels.