Interesting - your C wave is actually the "intrinsic" value of BTC if you assume that Tether isn't actually backed by USD. If we assume that a lot of Tether was propping up BTC with "fake" money, then the value of BTC is actually in the ~$4.5K range. I'm optimistic that that's not actually true but interesting coincidence at least. Hopefully we can see something a bit more bullish as folks calm down and liquidity returns a bit to the market