The recent low of 3122.28 was the end of our major retracement "C" wave from the ATH . We shouldn't see lows below this. If we do, then this changes the major trend for Bitcoin , turning A-B-C into I-II-III of a 5-wave sequence down.
A breakout above 5774.72 will confirm bullish strength and the current bullish trend, further validating this wave count.