The analysis focuses on Bitcoin's short-term movements, particularly on the 15-minute timeframe. The speaker discusses an alternate wave 4 scenario for Elliott Wave analysis, suggesting that the recent decline might be a three-wave move instead of a five-wave move. There are two possible scenarios here the current wave is wave 4 or wave 2, but the most probable scenario is the current wave is wave 4. A potential ABC structure is discussed, with a 100% extension target around 117900, anticipating volatility due to CPI data. Structural support levels at 116400 and 114000 are identified, with the expectation of a corrective B wave bounce. A CME gap between 117400 and 117700 is also to be expected to be filled.