Since hitting its low point BTCUSD has followed Elliott Impulse Wave (12345) then a Correction Wave (ABC) then another Impulse Wave finishing off by a Head and Shoulders peak. At this point it is most likely going to drop to around $8000 (blue arrow down, sorry folks). But it must first drop bellow $9700 support.
There is a chance it will return to a bullish stage if it can break the $10400, but that is a low chance in my opinion.