The analysis focuses on Bitcoin's corrective phase, noting a recent decline into a Fibonacci support zone between $83,146 and $86,627. Resistance is observed around $92,734. The analyst considers a scenario where Bitcoin may be in a fifth wave down, potentially testing April lows near $74,500. A wider wave 4 is possible if the pullback from the recent high remains a three-wave move. He notes that a breakout above the 88737 to 87088 resistance is needed to confirm a meaningful low.