A fall below $ 7,950 on the bitfinex will make it clear that the markup is not valid, because wave 2 can not fall below wave 1. This will be very bad.
I think bitcoin is going down because the Chinese country has taken measures to stop bitcoin. That really did affect bitcoin a lot. The crypto market has lost some of the important whales from China.
But that still does not mean bitcoin will die, bitcoin will be restored by whales in other countries. I believe in that.