Perhaps history does repeat itself. When you look back to October of 2013, BTCUSD was price was about 120 BTC /USD, by Nov 29th 2013 it peaked at 1126, a near 10x gain before ultimatley pulling back about 50% from the high and then entering a bear phase until October 2013. I am hoping we do not enter a 2 year bear market for BTCUSD . But like all things on the earth markets too are affected by gravity and when it feels like there is no way it will correct, it will.
My take is we will consolidate and build a base here in the low 7k range for a short period. BTC /USD will make a go at 8k and perhaps make it up to 8,000-8,500 range before ultimately failing and then falling to form the 4th wave down trend, falling to 6k -6,500 range. Then it will make a final bull run of this cycle to 10k area before the cycle correction is started. I am biased long for now waiting for a break above 7410 to add to long.