The analysis focuses on Bitcoin's daily chart, noting that the price currently holds around the 55-week exponential moving average, a support level, while also remaining below resistance at $105,000. The recent pullback is characterized as a three-wave decline. The speaker suggests that three-wave declines can lead to upside reversals at any time and because of that there's no confirmation of a bear market. It also mentions the significance of a decisive break below the 55-week EMA. The speaker suggests that a clear break below $81,738.09 would be critical. A direct bullish outcome is viewed as speculative. The presenter notes the current three-wave bounce isn't enough to move away from a bearish impulse, and expects the price to possibly form a low around $96,113. It is mentioned that a break above $105,000 would be needed to confirm a low has formed.