Bitcoin suffered a massive 30% drop on Wednesday before rebounding 40% at Thursday’s high.
However, the technical damage stands.
The $42,000 to $43,000 area was key support on the way down, so it makes sense to see BTCUSDT struggling to climb above that area.
If it can, we could see $47,000.
The more likely scenario, in my opinion, is another push lower.
Whether that takes out the $30,000 low is anyone’s guess.
But given the two total market cap charts I just discussed, a move of that magnitude could send BTCUSDT down to $28,000 or even $25,000.
As always, there are no guarantees, and I’m taking this one day at a time.
I don’t believe the bull market is over.
If anything, what’s happening now is similar to 2013.
During the 2013 bull run, Bitcoin dropped 81% before rallying over 2,000% by the end of the bull market.
While I don’t think we see a 2,000% run at the end of this correction, a significant rally through August/September still seems likely, in my opinion.