By Theory, wave 3 is the longest and wave 1 and 5 are the shortest. By this logic, wave 5 should end at 6.8k or lower.
Bitcoin market exhibits high levels of emotional behaviour - evident from historic cycles of extremely volatile price action, characterised by over-extended exuberant buying. By this logic, price could extend further than textbook theories.
2017 price action was built with a "better foundation" compared to 2013. the initial build up in price action was done over a longer time frame and with relatively less exuberant moves (compared to 2013), allowing for comparatively steadier growth today. By this logic, my assumption is that price will be able to extend much further on the last leg, as opposed to wave 3 being the largest.
Psychological levels. $10,000 - will we barely reach it? Or will we be able to shoot past it for a moment before it comes crashing down?
Based on my above hypotheses, my guess boils down to this:
Bitcoin will peak at slightly over $9000. Then come the dragonball memes. And all the talk about $10,000 to get people to hold on tight, but it never reaches 10k. In fact, it barely stays above $9000, before crashing a good 30% or more (and if more than 30% - enter the bear market).
The 5th wave can be longest as long as 3rd wave is longer than the 1st.
In regular markets / forex, the 3rd wave is usually the longest, but in crypto, most of the time the 5th wave is usually the longest. If I were to make a guess, this is due to the supply as crypto is deflationary with a limited amount of coins.