Let's update our prior analysis in Bitcoin (BTC/USD)
Elliot Wave applied to Bitcoin
This could have been a complex wave 4 which is the most usual wave for complex corrections as Elliot Wave Theory states.
Key levels in a bearish scenario
If we're at the last stages of wave 4 as I think, we could have bottom prior to the next wave 5.
However this is a complex correction and may consume more time.
There is a more bullish count also possible, and that is this whole move has just been wave 1 and wave 2 and we're about to get into a major wave 3. 161.8% of that wave 1 points to 12k
To conclude: there are two possible counts at this time and both are likely bullish. IMHO we're at the last stages of wave 4 and getting ready for the next bullish price pattern structure in the form of wave 5.
If you're more bullish, this could be wave 1-2 as wave 2 usually also retraces 50% most of the times.