Bitcoin suffered a huge retracement from highs, bringing us down to the high $29K's from the $40K handle. This was quite a drop and it squeezed out a lot of weak hands, some of which had never experienced such a squeeze in crypto. This is normal for all cryptocurrencies especially Bitcoin and this is the type of thing you should always be prepared for. Consider dips like these a buying opportunity. It would be nice if Bitcoin would range a bit at lower levels, giving us time to accumulate a position, but we aren't the only ones thinking this and the price was immediately bought back up to $35K, where it sits now. It could go either way at this point. If the corrective phase of our Elliott Wave is done, we could be seeing the beginning of another 5-3 Elliott Wave and therefore another run for highs. If we are wrong, and the corrective impulse is not done yet, it could take us further to $28.5K or even $24.4K.
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