The analysis, based on Elliott Wave theory, discusses Bitcoin's price action on the daily chart. Channeling indicates a completed wave one at around 119000. The current market behavior is seen as a bearish correction, forming a potential expanding flat with wave A completed, wave B projecting towards 123000, and a likely wave C targeting a range between 60000 and 70000 to complete wave 2 before a new bull run. Two alternative bullish scenarios are presented involving ending diagonals potentially pushing prices to 142000, followed by a downturn or a smaller ending diagonal for wave 5. The analysis also examines Bitcoin dominance suggesting an expected decline and shift to altcoins.