Overall I am still favoring more downside movement I really do honestly feel we could fall below 6000 and 3500 is still definitely possible. That being said, it is still too early to tell.
I still think in order for us to finally see another bull run we needed to come lower and test support. It seems we still have some more downside movement before we see that. Like I previously mentioned I have buy stops set at various levels!
What do you feel would drive the price down into the 3k range? I don't see it happening anytime soon, and quite possibly never. We were at a low of $3,200 a year ago, and at the normal BTC growth rate, I would expect BTC to bottom out this year around 6500 where we recently bounced. I could see us returning to that area and consolidating for months before starting our next true bear run.
Layne_LV
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@Bulgogi_Cheese_Ramyun I honestly feel these levels have to be retested before we can be sure that we can climb up to new highs. I feel there could be things that shake out less experienced investors and then we could see some deep pockets move in. I’ve been a involved with BTC since 2012 & I believe there is still tons of upside potential, but first I feel we have to come test some levels of support.
Layne_LV
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@Bulgogi_Cheese_Ramyun thank you for your feedback! It’s appreciated!