The analysis indicates that Bitcoin is reacting to a 1-2 setup discussed earlier on Discord, posing a risk for a move into a blue target zone between $111,350 and $113,130. The analyst notes that there is no change to this outlook, but clarifies that the market is dealing with a larger A-B-C structure, where the current pullback is considered a B wave. After price rejection on Monday at a resistance level of $115,883, a first corrective decline in three waves has been observed. There was a potential chance today for the price to form a new high.