Based on the Elliot wave cycle, each bull market comprises of three impulsive waves marked as wave (1), wave (3) and, wave (5) including two corrective waves marked as wave (2) and wave (4). Upon the completion of these 5 waves, the price makes a higher low at wave (A) leading to buying exhaustion and a lower high being formed at wave (B), the move then starts a downtrend making a new low at the end of wave(C).

Considering that the 110k high was the end of wave (3), we shall be seeing one more impulsive wave leading us to a new top for BTC based on Elliott waves. People have already started calling for mid 60k's and undoubtedly there's a lot of liquidity there, but in our opinion it shall have to be visited on wave (C).

Note: plotting elliot waves on a higher timeframe is at times tricky because between two waves, there are going to be 3 impulsive waves and two corrective waves within those waves and as you jump on the lower time-frames you'd find waves within waves within waves which is why not a lot of people trade based on it and only use it to have a general idea of the trend continuations and trend shifts.