The analysis focuses on Bitcoin's potential Elliott Wave patterns. The current daily chart shows a completed impulse wave (1-2-3-4-5) and a subsequent ABC correction, which is interpreted as a potential wave 1 of a larger downtrend. The price action has broken a key uptrend channel, and the analysis suggests further downside movement is likely, with targets around 50,271. The invalidation level for this bearish outlook is set at the previous high of 74,073.