Many people see Bitcoin as a good investment when the stock market is unstable. Bitcoin has not done well either, it has been in the bad trend.
Bitcoin is in a declining trend, and after the big fall it took, there is not much positive about it. the trend is bad - not only in the short term, but also in the long term. RSI only moves down, but with some small fluctuations.
If we put the 1,2,3,4,5 model over Bitcoin we will again see the bad performance as it has, I think we may have seen a bottom earlier, it is around the $ 7800, but repeatedly the bottom has not held, something could thus suggest that it will fall down in the further. I do not believe that Bitcoin can become a good investment just for the time being