The leg up from the 2970 low seems to be a 3 legged move up for Wave B (Red) of an A-B-C Expanded .
Which means that if this analysis is correct then we are currently in Wave C down of this which can take Bitcoin down to the levels of :
Target 1 : 4671
Target 2 : 3899
Target 3 : 2665
SL : Above 5880
If the Invalidation level of 5880 is hit then this count will be invalidated.
It is also worth noting that Wave B = 138.2*Wave A which gives further confidence to this setup.