This probably is the worst case scenario, which is not highly likely but totally possible. the retracement that happened in december pulling it back from >$19k down to $11k tells us that the bottom of the pit might be lying down at $6k. what a coincidence it is that the second fib retracement end its 2.68 extension very near to this bottom point.
Again, I don't think that this is a highly likely scenario but it is perfectly possible.
Plus on the daily, RSI
is still not in the oversold region.