At this point in time, the alternative bear market scenario may be paused for consideration whilst price action remains above the 23-OCT-2019 low.
Will the "alternative" bear scenario become the "preferred" scenario once the 23-OCT low is breached?
but a truncated fifth wave failure would reverse the entire impulsive wave and also, violently, in this case, that would mean that the price would return to 0.
Do you think BTC can go to 0?
What do you mean by "reverse the entire impulsive wave?" A truncated fifth would imply weakness, but it wouldn't mean the following correction would erase 100% of previous gains.
Using the BLX/BNC index: PRIMARY[2] declined 86.08% and PRIMARY[4] declined 83.70% both taking an average of a year to unfold.
If a bear market CYCLE II wave is underway, it would most certainly decline 85% to 95% hence breaking below the 2018 low, and quite possibly heads towards the PRIMARY[1] high at $1200.
Return to $0...? Who knows. But a sustained decline towards the PRIMARY[2] low of $164 would be a catastrophic collapse beyond a return to survival.
For now, as long as price action remains above the 23-OCT-2019 low, projections can remain optimistic in regards to a continuing bull market headed for all-time highs. Should price fall beneath the 23-OCT-2019 low, the following Fibonacci zones provide critical support levels using BITSTAMP prices....
@7230: 61.8% Fibonacci retracement from 15-DEC-2018 to 26-JUN-2019.
@5425: 78.6% Fibonacci retracement from 15-DEC-2018 to 26-JUN-2019. [WARNING: Bull Market/Bear Market at 50/50]
@4350: 88.6% Fibonacci retracement from 15-DEC-2018 to 26-JUN-2019. [WARNING: Bull Market Terminated?]