The analysis, based on Elliott Wave theory and channel analysis, begins by outlining the channeling for Bitcoin, taken from a base around $15,000 to $120,000. A wave three has already been completed. Wave five is getting inside the acceleration channel, reaching the baseline channel’s midline. The presenter suggests there could be a triple one-two forming, meaning there would be a wave four, leading to another wave five to the upside. The presenter describes another scenario: a larger one-two-three-four-five wave pattern, or the formation of an ABC pattern in a potentially ending diagonal wave.Despite potential upside, the analyst expresses concern about the current corrective channel formation, signaling weakness. The analyst also presents a bearish outlook with an ABC expanding flat pattern toward the downside, hitting its fib levels and then heading downward.The channel break out will confirm any bullish scenarios while bearish scenarios are preferred at this moment.