Based on Elliott Wave analysis, we clearly can observe that bitcoin has completed a wave 1 bullish impulsive wave and currently it forms a wave 2 correction wave, which can last most probably close to 200% the time of wave 1, which coincides close to the time of the halving. The correction will reach at least reach the 61.8% retrace and most probably the 71.8% to 88.7% area where the previous wave 2 of the impulsive wave 1 was formed.