This dump seems reminiscent of the “corona dump” back in 2020 (see linked chart which was miraculously accurate at the time):
- Massive capitulation - Strong buy back at weekly demand - Extreme fear in the market - Oversold on most indicators
Based on this (and its still early days), I think we could see AT THE LEAST a relief rally up to about 50k (somewhere near the 0.618 fib) and from there we will figure out whether we’ve entered a bear market, or this was just a retail shakeout…
This should take a few weeks to make itself clear…I think it will happen quicker than the 2020 movements, but remain cautious….to print a lower high up in the 50k area may mean 1-3yrs of bearish price action.
Stay strong folks and remember…its just another day in crypto!