If we break 8500 then we could see a retracement of about 50-60% hit various support levels on the way down. to between 7,600 - 6,800. We would then see some sideways action before wave 3 which could take us up to the 12,500 range.
From an 8 hour longer-term perspective, now is looking like the low for a larger continued bull run. BTCUSDT will have to take a dip to springboard to new highs. There is the chance it could sink, but not showing up here. It would have to break under the springboard line to be a clear bear signal.