I expect BTC to eventually fall through this orange rectangle price area, like it did right after setting the ATH at 69k. Retail investors still have a lot of hope that BTC price will somehow recover from here and that is not usually the sign that we've bottomed yet. After capitulation i expect the price to first reach 0.618 fib. retr. lvl., then have a bit of correction, only to recover to right about 0.702 fib. retr.
Obviously price will almost certainly behave differently than what i have shown on the charts. It is just how i visualise it at the moment.
Below in the update a will show how such ABC retracement happened after BTC reached its ath 2013/14 and 2017/2018.
I am not a financial advisor so non of this should be taken as a financial advise. Be well.
There is quite big chance that before BTC is to set new lows at 35k are, it could first retest previous breakdown area (green) in the 52-57k area before going for another liquidation. It would also be a perfect bull trap for a lot of retail investors.