We are long overdue for a bounce/correction. IMO it would have to be either the $6400-6600 (current) range or the more likely scenario would be: the $5400-5600 range which is where a pending bull run is set to course. Then again it's simply impossible to definitevly predict the trajectory of the market at this time though I am hopeful & optimistic that a parabolic movement is coming soon.
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Lot of people think we are going to touch $5k... which probably means it won't happen. :)
I agree with you...BTC could still drop to the mid $5000's, which would be healthy. Some great buying opportunity at those prices. Then things should turn around for BTC. Once things start moving up for crypto, people will hop back on board. I think lots of smart money is waiting on the sidelines at the moment waiting for the bottom.