According to the latest wave theory analysis, the Bitcoin market is currently in a complex corrective structure. There are two key price levels: the upper at $117,915 and the lower at $110,694.

As long as the daily chart stays below $117,915 and the rebound does not exceed $123,400, the market trend should be considered a "rebound in a downtrend." The price is expected to first retrace to the range of $116,200-$115,400, and then test the channel support and the dense area of previous lows at $114,300/$113,700/$112,500.

If it falls below the key support of $110,694, it would mean that the minor top could upgrade to a larger top, with price targets potentially extending to the old platform area of $107,000 - $103,203. In extreme cases, it could even reach the 0.618 Fibonacci retracement level of $98,200.

On the contrary, if the price can break through and stabilize above $117,915, it may subsequently challenge $119,829 and $121,688. Only an effective breakthrough and stabilization above $123,400 will cause the market to shift from a "correction rebound" to an "upward extension," potentially opening up space to $125,400, or even the range of $128,000-$131,800.

Based on the current analysis, it is recommended to adopt a conservative bearish strategy: primarily reduce positions on rebounds until reclaiming $117,915; if it falls below $110,694, it may enter the next level of retracement phase; only a strong breakout above $123,400 would necessitate a reassessment of the upward path, considering $124,474 as a pivot point.

Investors should closely monitor these key price levels and adjust their strategies in a timely manner according to market changes to cope with the volatility of the Bitcoin market.