Ontolgy remains above the support suggesting continuation of an uptren/correction or even a long term trend reversal. For now it is important that price will not break and close below the low produced just under the support. Secondly, price has to break above the recent high in order to confirm strong bullish momentum and this is when price might skyrocket.
Currently Bitcoin is at the very strong support area. If price holds above $7.5k area, uptrend will be highly probable. Based on the mean trendline as well as Fibonacci cycles, price could reach $170,000+ in a little more than a year.