This kind of just popped out to me when I was thinking about Fib retracements vs extensions. Anyways, the BTC
fib retracement has us currently in the region of 0.786 of the last bull trend. This is the exact same fib value that the last bear trend bottomed out at relative to it's previous bull market. Last time it rubber banded around this level by around 10 - 15%, so if this theory holds, price could go down as far as a little below $3000 ( ish
) before channeling sideways for a while up between that level and around $6000. The last sideways market lasted around 6 months, before slowly picking up into an uptrend again.