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.
Sometimes the cause of a bitcoin crash is not explained by technical analysis. Its collapse is caused by a variety of reasons, and its price is constantly changing. We don't have to worry. What we need to do is to wait patiently, and it will return to normal.