Yes, Bitcoin still has some digging to do…
The Pivot-Count from P0 to P5 is a method used to identify a potential trend reversal (and has nothing to do with Gann).
Its rule is simple: Once P5 is reached, the count starts over from P0, just in the opposite direction. As we can see here, P5 is not in yet; we are currently in the process of forming P4.
At the time of writing, price is struggling to reach the red Centerline. This failure would indicate a «HAGOPIAN,» where price moves farther in the opposite direction than the point it originated from (P3). This is a strong indication that price will move below P3 and down toward the L-MLH (Lower Median Line Parallel).
Time will tell…