According to the framework of Elliott Wave Theory analysis, the current Bitcoin market is still in a complex adjustment phase following the large cycle of the impulse wave. From a technical perspective, the price is operating in the correction terminal area between the endpoint of the five waves forming near 111980 and the subsequent pullback wave.

Technical analysis shows that the V-wave rally of Bitcoin, which started at 74508, peaked at 111980 and formed a typical double zigzag adjustment structure. This structure began to rebound after forming a phase support near 97300 and is currently undergoing a consolidation at the 107927 level. The current market exhibits characteristics of horizontal oscillation correction of (W)-(X)-(Y)-(X)-(Z), while overlapping with a triangular convergence pattern, indicating that the market is at a critical stage of confrontation between bullish and bearish forces.

The price level of 104117 has become a watershed for the short-term trend—if the price remains above this level, it will maintain a local bottom platform and continue the rebound structure; on the contrary, if it effectively breaks below this level, it may retest the support range of 100738-97300, forming a deeper adjustment for the entire V-wave.

From the wave level analysis, if the 104117 support fails, the adjustment structure may further extend into a composite platform or triple zigzag pattern, forming an A-B-C or a higher level WXYXZ structure starting from 111980. The horizontal movement characteristics of the current price align with the typical characteristics of a consolidation range, reflecting the market's strategy of exchanging time for space.

On the other hand, if the support at 104117 holds and breaks through the resistance zone of 108952-109800, the current consolidation may likely be seen as the bottom-building process for the upward wave 1, which will then initiate the rising trend of wave III after wave V. In this case, the first target level points to 111980, and after breaking through, the focus will shift to 132809 and higher levels.

The current market is at a critical technical turning point, and investors should closely monitor the performance of these key price levels to prepare for potential future trends. The Elliott Wave Theory, as an important tool in technical analysis, provides us with a framework for understanding the cyclical movements of the market, but it should also be considered in conjunction with other factors.