Well said! Upvoted comment!
Yes, the 78% retrace is a good Fibonacci stop point. I select sub $500 because at this level, sentiment of disgust, fear, loss for Bitcoin will better reflect bottom of Wave 2 at Cycle/Primary Degree. If a drop from $10k to $2k could reflect same sentiment, then the dollar value matters not...only sentiment matters.
However, what is Technical Analysis but symbols of symbols; hence, twice removed from reality. TA measures only the reflection of sentiment and so I'm always open to adjusting my counts when needed.