After seeing a comment asking for my opinion on Bitcoin I have decided to share it with you on the recent drop. Overall, the retracement was needed as in the previous weeks, the price of Bitcoin was most definitely overheating. This reaction of an over 20% decrease was not however justifiable, and it just shows how people are easily pushed out of markets to let the big dogs take the advantage. This retracement started last week over tweets made by Elon Musk stating that Bitcoin was 'too high', a ridiculous claim to make especially when the firm owned by the man purchased just a few weeks back $1.5 billion of the crypto currency. Elon is a very clever man, and with his previous success with pushing doge coin and bitcoin, I am sure he now knows that he can basically control price levels of markets with just a few tweets. I reckon he realised this power and decided to see if he could drop the price of bitcoin down to lower figures, supplying Tesla with another entry point to invest more into Bitcoin. Furthermore, with the ever increasing amount of institutional investors now entering bitcoin, a figure like Elon Musk to push down the price to allow for more to enter the currency is a very clever idea. I wont be surprised to see a SEC Filing from Tesla stating that they have purchased more Bitcoin this week during the lows, and Bitcoin will shoot up once more. Anyways, the chart should really explain my opinion on Bitcoin, and I see it reaching the 1.618 extension to finish off the wave cycle. Hope this helps, and please leave your opinions in the comment section, I enjoy reading them.