Bitcoin continued to decline yesterday with increased volume, currently dropping to near the neckline (112,000). However, there are still no signs of a bottoming out, and it's uncertain whether the neckline can provide short-term support.

There are two possible scenarios for the subsequent trend:

Scenario 1: Bitcoin has completed the A wave decline and received short-term support at the neckline, followed by a B wave rebound, and then a C wave decline;

Scenario 2: Bitcoin's A wave will break below the neckline, with a B wave rebound testing the neckline again, followed by another C wave decline.

From the perspective of wave theory, Bitcoin's decline pattern is a zigzag (5-3-5), and currently, the A wave has not formed a 5 wave structure, suggesting that it may not be completed yet. From this angle, it seems that the probability of Scenario 2 occurring is slightly higher.