$BTC a 5th wave would take us into the 200ema territory. 200ma (not pictured is slightly below the 50% red line). Bias is leaning for an 8,000-8500 jump firstly.
Hard for me to see this breaking down rapidly and running down to the 5-6k range right away. A retest of 8000-8500 is surely more logical to me.
If we fail to break the 8500 (50% red line) and we see strong rejection then it would be hard for me to not see BTC continuing down and hitting 5-6k next. As of now, the bears are in full control. This next month is critical.