The Point A retraced near to point 4 (ideally for Elliott wave theory)
This wave gonna burn off lots of short term trader. hitting margin call and stop losses consecutively.

The point B is higher than point 5 (forming a bull trap like pattern.
(when everybody think BTC is coming back before it dip deeper)

The point C shall squeeze below point A (making a bear trap pattern)
(those season trader or swing trader who put stop loss below pervious swing low, this wave gonna take them all)

With all the above, market have shake off most of the retail traders.
then those deep pocket investors start to make cost average down (pump in money) for their long term portfolio.
Here we go the begin of next rally wave.