Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Until there is a breakout with conviction through the channel starting June 26th, I believe that 8500 will represent another lower high.
There is a lot of convergence around the $5,200-$5800 area. This was the origin of the original run that never was re-tested and fits in line with the bear flag that led to the breakdown to 3.1k.
Timescale wise assuming it continues to follow the channel, I anticipate the bottom to be around Mid Feb - Mid March at around $5,500.