How would you label it?

I do not think Bitcoin is experiencing a flat correction at all.
In a flat Correction wave B does not surpass the previous top (of the wave 5).
In my opinion we're in a irregular correction with an extended wave C.
Irregular corrections tend to lead to a major bullish move, which would make sense since going to 11.5-12k is a huge %move at current levels.

Also we could have just finished major wave 4 and getting ready for wave 5 of the major bear trend. That would be super scary because Bitcoin will be headed to 5k.
I don't think that levels are sustainable at all because most miners would stop mining and everyone would struggle.