With the bullish price action of the previous weeks (higher low after bullish divergence on the MFI), we can be confident that BTC will reach our first target of $8200 and maybe even wick to our second target at $8600 (as pointed out in the low time frame analysis).
Hoverer, according to this Wave count this is only wave b of c within a complex WXY corrective pattern. We can thus expect a bounce at the channel top (if not earlier) down to our target c, ending wave Y at possibly $5500.
After that, if support holds, we might return to some bullish action in c of the higher degree, maybe towards our previous high of wave a of the higher degree.
Invalidation would be a break of the bear channel to the upside vor a breakdown below $5500.