The waves are very clear in the Bitcoin (as they are in most speculative manias) ... if Bitcoin breaks below the 16,000 level, then the targets that come into play are 10,900, 8,800, and 3,600. Since these targets are based on the 24-hour chart, it will take weeks [er, months] for them to play out, but that's my take on things.

Price could push above wave C without triggering below 16,000, possibly setting up a higher wave C, but unless the major wave 5 is "invalidated" (price moving above it), this looks very bearish to me.