Bitcoin is going to 17K in the next couple of weeks.
Why?
1) For every major top that we've had, Bitcoins price has either been cut in half or been close to being cut in half (i.e 3,000 down to 1,800 and 5,000 down to 3,000) . We've reached 20,000 (top) and its already been cut in half (plus more), so there has been PLENTY of retracement for price to continue moving forward and upwards back to previous highs and beyond.
2) Look at the RSI for a daily chart. The RSI already went below 30 and moved significantly out of oversold territory. Hypothetically, If bitcoin went down to 5,000 or below, it would have to go back down into the oversold territory. If you look at the history of bitcoin, this almost never happens. Once it goes into oversold territory and gets out, it's next stop is to the overbought territory (70+), which we still haven't reached.
If you want to follow the fools that think BTC is going down to $5,000 or even $2,000 because of some Elliot wave theory (which clearly already had its 5th leg, though fools think we haven't had it yet), BE MY GUEST.
Just know that there will be some people, like myself, that are reserving first class tickets to the moon!
In 2013 Bitcoin dropped 80% after a very similar looking rally, it peaked around $1200 and fell to mid to high $200 range. If history repeats itself, it could possibly land around 4k
ZoeBouvier
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I think you need to be aware that btc is still in its bearish channel until broken out, we are still bearish. 5th wave correction has yet to happen, and no it may not drop to 5k but we will drop before exciting. no one really knows how much, but its gunna happen and need to be cautions because if it does go down to 5k or more. YOUR FUCKED
Jefe
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A lot of disgruntled, disappointed, first time investors with loose hands (weak is an understatement). They see a correction and they say this is the end. On the contrary, when times are good, they keep thinking it is going to keep flying like a rocket.