In case 1st move down was an A, B nicely retraced to 61.8% and probably already ended.
Minimum condition for 2nd move down (wave C) is C = 0.618 x A.
This means next target is at least about 1st downmoves low (0.618xA) and may even extent to 1xA, 1.236xA or even 1.618xA!
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Possible C wave in BTC/USD reached 1.236 Retracement of previous A wave and bounced with high volume. Patterns since are not clear enough to me, to be sure, this was the low. Reaching 1.618 @ about 4xxx is still possible, in case BTC/USD trades below 6000.
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Correction: 1.628 @ about 2500!
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Addes some lines. Right now BTC/USD is at a crucial level!