We can count three large waves behind the rally off the low made in December 2019:

That (A)-(B)-(C) move up that topped in November 2021 can be counted as a large wave ( 1 ) up.
Let’s zoom in to a daily chart to inspect a micro structure of the decline off the top made Nov’21:

We can see a very clean corrective (A)-(B)-(C) down structure behind the decline off the top made in Nov’21.
For ideal completion of wave 5 of (C) of (2) Bitcoin needs to drop to 12,600 – 10,500.
That drop would create a very attractive longs setup for a rally targeting 63,000 (76.4% extension of wave ( 1 ) up).
Note that the faded spike made by the top of wave ( 1 ) up in June – July 2019 created a fat strong DEMAND ZONE:
