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.
Bitcoin has in a bad situation since the year starts however, it doesn't mean that its price will not rise up again. It's happening because bitcoin now lacks in demand. I think the one of the reasons of it is the mass selling of it last December, another is the banning of it in China. This factors give a great effect to the price of bitcoin now, but don't panic, pumping and dumping of price always happen here and bitcoin market will recover soon.