The analysis suggests that Bitcoin has potentially finished a wave one at around 123685. Bitcoin exited an acceleration channel, showed weakness inside the base channel, and shows weakness to reach acceleration signal for wave five related to the bull run. The gap between base and acceleration channel shows weakness. Bitcoin ranged for a while inside a blue channel with a fake out and came back inside. Breaking this channel might lead to a massive drop. The wave C target is estimated near 67922 as a most common retracement. As long as 116377 is not taken, Bitcoin is likely going to 67000. 1H timeframe exhibits a formation of wave 1 and 2, and unfold wave 4 three-wavey.