The next correction will be important, as it decides whether or not we're in a bull market by definition (higher lows + higher highs). I see a healthy correction in the low to mid 6000s, consolidation / triangle and further work on the next leg up as a valid scenario.
Look at the Sniper Entry Galore: on the 1D chart, there was only one sniper entry of a comparable significance at the beginning of 2015 – in the whole price history of Bitcoin!
Might be we'll still go a bit lower, but the worst part of the bear market might be over, soon.
I'm following this idea since a few weeks. The orange pattern is the crash cycle pattern we had after the intense Mt.Gox rally in 2013. If history does repeat itself, we can expect targets betweek 9 and 11k USD.
The red line is Bitcoin, and the axis shows percentages. Scrolling through the chart, we can see that Dash reliably follows Bitcoin's price with one major exception: when we entered the big bear market in 2014, after the Mt.Gox pump, Dash had quite a big increase in price (around April - June 2014).
We might be in a similar scenario right now: Bitcoin had an...
Orange box indicates a reoccurring pattern. If history repeats itself, we might get a decent buying opportunity in mid-end of May (even though I don't think we will go as low as 300… maybe 360) or another one in mid July before it takes off to new highs.