Simple.

$3,000-$3,500.

Perhaps even below the $3k mark, but that seems to be a bit too far fetched.

Why?

There are a few reason for this.

First, the market sentiment.

It’s fucking bearish.

Trust me.

Large operators had initiated a distribution cycle for Bitcoin a couple of months ago in January, and they’re still unloading.

Because the price had dropped so sharply, this shifted the market sentiment for retail investors also.

That’s the reason why the global sell-off had started and still continues.

Above touches base with the fundamental side of things.

As for the technical analysis, there’s more in it for the bears than the bulls.

A very basic example would be a macro Fibonacci levels drawn from the significant start of the rally to score the ATH.

Another major sign of the price dropping way down to the $3k zone is the historical likelihood of Bitcoin reverting back to re-test its major preliminary support zones as indicated below:

The biggest preliminary support starts when the uptrend to $20k had kicked off (at exactly $3k - thick green line).

$6k was already tested in February where the second largest preliminary support was set earlier but it’s expected to be re-tested again and this time break down below it to high five with the thick green line at $3,000.

That’s in short and there’s much more to it to back this bearish thesis with.