I believe bitcoin is following fibonacci here, which can be outlined on the weekly view.
Following bitcoin's highest value around $18000 and where it dropped to around $3000, the 61.8 fib value sits at approximately $13500.
Market has hit this and now dropped to around $11000. However I believe there is likely more drop to around $7500 or even possibly lower as depicted in my chart.
The fibonacci retracement from $3000 region drop to the most recent high at near $14000 gives the fibonacci retracement of $7500.
Let's wait and find out if this theory plays out.
Following bitcoin's highest value around $18000 and where it dropped to around $3000, the 61.8 fib value sits at approximately $13500.
Market has hit this and now dropped to around $11000. However I believe there is likely more drop to around $7500 or even possibly lower as depicted in my chart.
The fibonacci retracement from $3000 region drop to the most recent high at near $14000 gives the fibonacci retracement of $7500.
Let's wait and find out if this theory plays out.