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.
The decline in the market value of Bitcoin and other altcoins is not something that one need to worry about too much because that have a positive impact for those who are yet to own some amount of Bitcoin and other altcoins in their possession to do so. And on the other way round it affect some people who purchase when Bitcoin value was higher.