FIRST OF ALL, I AM NOT LONG NOW. SHORT-TERM I AM BEARISH. Lol... This is a long-term post, but entry now probably isn't what I'd prefer.
So all of my posts recently are shorts and are very bearish, mainly because they are short-term. Long term I'm still REALLY bullish on Bitcoin. Its going to sky rocket. But skyrocketing in value is pretty dangerous, so if it happens like this, then there would become a point where you may have to convince yourself that "holding on for dear life" may not be too good of a slogan.
I saw an analysis that kind of covered this that I liked, but the subwaves were not counted. That is the most dangerous thing you can do as an elliot wave analyst. If you don't count subwaves, then you're analysis is going to bite you in the ass later down the road.
So, still as said before, short-term I'm expecting a pretty low bottom. It's possible that it doesn't happen that way, but I think its going to happen. Between $2,500-$3,600 would probably be an estimated bottom for this correction. That would give the opportunity for a nice accumulation phase for bigger players and institutions before the price starts to ramp up again. Remember guys. We were just at this price last October/November. We were at 3k last September. Why is everyone freaking out? Bitcoin is moving FAST.