By mid-December, Bitcoin's trend has started to show several clear possible paths, which is worth analyzing carefully.

The rally from the 80525 level may be forming a wedge structure. If this judgment is correct, it involves two different scenarios:

One is that the price has not yet broken below the 85278 threshold. If so, the previous rally could be just Wave A, and a subsequent ABC correction is inevitable.

The other is that the price has directly broken through 85278. In that case, the situation changes; the initial upward move might be Wave 1, followed by a complete 12345 wave pattern, with Wave 5 as the final point.

However, it's also possible that I have the analysis reversed—the move from 80525 isn't a wedge but a rebound within a downtrend correction. If so, the price must break below 80525 again to be considered complete.

On the monthly chart level, whether it is at 109358 or 124533, these should theoretically be the starting points of the second wave of the monthly cycle. But in terms of structural integrity, current conditions are still far from complete. This could happen under two circumstances—either Wave 5 is a terminal pattern, which could be confirmed by a break below 83347; or Wave Y forms a triangle correction. However, if that occurs, the second wave of the monthly cycle could be prolonged for a very long time. I personally think this scenario is unlikely.

Practically speaking, spot traders can consider gradually entering the market in batches. For futures, a more conservative approach is necessary. I will start observing from lower timeframes, focusing on volume-price coordination and key price levels, then decide whether to chase longs.