The analysis discusses Bitcoin's price action based on Elliott Wave theory. The analyst points out a recent drop and assesses the potential scenarios within a wave two Fibonacci retracement. A WXY pattern formation is noted, where Y is potentially a zigzag. A deeper drop towards 112405 may be possible. The analyst suggests avoiding the 0.886 Fib level as a break would indicate a further drop towards the invalidation point of the bullish run at 110417. Bitcoin dominance is also examined, anticipating a wave four formation after a completed wave three. The analyst mentions that invalidation of the bullish pattern at 62% dominance could lead to a potential diagonal formation. The analysis ends with a warning about the 0.886 Fib level acting as an important indicator, with a bearish continuation anticipated.