The analysis evaluates Bitcoin using Elliott Wave theory, identifying potential wave patterns. The analyst discusses two scenarios: a white scenario projecting a fifth wave upwards towards $126,000, and a yellow scenario suggesting a deeper pullback before further upside. Key resistance levels are noted, including $115,104 and $116,220, which need to be breached to confirm the bullish trend. A failure point is identified at $111,723 the last swing low on the Daily, below which the white scenario would be invalidated. The analysis also suggests that a break below 112930 in a shorter term could lead to bearish continuation. Emphasis is put on a not fully confirmed upside breakout and to look a breakout above 115104 to confirm an upside target to 116220.