Following yesterday's brutal selloff across the crypto market, we see most of the coins were slowly recovering some of their losses this morning. Since Bitcoin has got all the attention compared to other cryptos, we will try to look into it based on wave analysis perspective. Based on our wave count, we believe the panic yesterday was a powerful wave 3 of a larger degree wave C from a zigzag corrective wave as shown on the chart. The recent rebound might be in fact wave 4 in the working and we see potential target for wave 4 termination at 46k level. The ensuing wave 5 in our view might be truncated due to an extension in wave 3 and could potentially reach a price in a region of around the 35k area (equality). Another interesting observation from a ratio analysis standpoint, wave 3 of C yesterday have reached a fib extension level of 1.618 from the length of wave a as shown on the chart. Although we would prefer an orthodox bottom for ratio analysis, an "unorthodox" bottom might sometimes fulfill this criteria. Alternatively, the low of wave 3 (around 30k area) could also be a potential target for wave 5 which if it does happen will appear as a double bottom and we will have an orthodox bottom with wave C ending at 1.618 ratio. If our wave count is correct, the correction in Bitcoin might be ending soon although we don't deny the possibility for a prolonged correction for instance a double/triple three correction or a double/triple zigzags. At the moment, we hold a neutral stance on Bitcoin and prefer to stand aside and wait until our analysis and wave count are confirmed by the price action.