**Bitcoin at $93.23K: Delphi Breaks Down the Competing Technical Scenarios Ahead**

Market watchers from Delphi have dissected the competing forces shaping BTC's near-term trajectory, laying out two distinct possibilities that hinge on a crucial $103,500 threshold. The technical setup presents a fork in the road, and understanding which path unfolds matters greatly for positioning.

**The Upside Case: ABC Correction Completion**

Those betting on Bitcoin's recovery are interpreting the recent action as a textbook ABC corrective wave. For this narrative to stick, BTC needs to convincingly close above the $103,500 level—considered a make-or-break barrier. If achieved, it would validate the correction thesis and potentially open the door to broader upside exploration.

**The Downside Warning: Lower High Triggers Five-Wave Sell**

On the flip side, bears are circling. Their scenario unfolds if Bitcoin fails to reclaim the $103.5K hurdle, instead forming a lower high in the process. Such a move would kickstart the next phase of decline, completing a full five-leg impulse wave lower. Interestingly, completion of this five-wave structure wouldn't necessarily spell catastrophe—a larger consolidation and substantial rebound could materialize afterward.

**The USDT Signal Nobody Expected**

Perhaps the overlooked piece: USDT dominance is breaking decisively out of its long-term downtrend. More intriguing is the weekly supply contraction in stablecoin reserves. This backdrop contradicts the typical on-chain setup seen preceding sustained rallies, adding another layer of complexity to the current market picture and suggesting the macro positioning isn't yet primed for a straightforward bull run.