Bitcoin is approaching a pivotal point as market analysts from Delphi highlight potential bullish and bearish scenarios. A bullish outcome requires Bitcoin to complete an ABC corrective pullback and surpass $103,500. Conversely, a failure to break this level could lead to a decline, forming a five-wave impulse down structure before a significant rebound. Meanwhile, stablecoin market dynamics add complexity to the outlook. USDT's market share is emerging from a long-term downtrend, but its supply contraction on the weekly chart suggests a less favorable environment for a sustained Bitcoin rally.