I think we are going to retest the 6k price range and exceed the previous low to complete this "healthy correction"
why is it healthy? because (i believe) its not an all out crash. This is a healthy market retracement that will eliminate the bitcoin non-believers. weak hands as others refer to them by. These are ppl who don't A) have the vision to see where and what bitcoin is, and B) don't have the stones to stick this out.
most media attention and general consensus i get from the average non-crypto believer is that its "fake money" or they all reference how it is a bubble and therefore needs to deflate. they are always quick to point out that it was as high as 20k and now its crashing and somehow thats proof its not going to make it as a long lasting investment option for the world markets.
or there are ppl out there who think that the journey to 20k was only 'ice cream and puppies' aka good all along the way. So these ppl who get in with this notion, thinking:
'all i need to do is buy BTC now, put like $1000USD in and in 1 year/5 year/10 year ill be RICH!'
....then the price dips lower than what they bought at. and then it dips lower, and lower, and lower, and seemingly it will never reach the bottom....and its only dipped like 20%. by the time a greater drop occurs - they get wise and decide to exit only to see the price make a mini rally. and then they jump back in, and watch it descend....and the cycle repeats.
Awareness of price direction - which theory helps to identify and determine using a strict set of rules and guidelines, pushes panic away and hopefully remove the inescapable emotions we all feel when the market moves in a direction no one wants to see.
stay calm. bitcoin is not going anywhere, it will not crash to zero. buy the dip, and if have been buying dips and you are out of cash - then wait or make more cash so you can get more dip.
lets see what happens.