Rally-base-rally and drop-base-drop are probably the most seen demand supply continuation pattern 53k is a possible look out for fib 0.618.
*Don't panic the exact same thing happened in the 2017 rally a drop to 0.618fib level drawn from the July bottom to mid/early November's second top. The Elliott's wave structure will be broken/invalidated but this brings in the possibility of a new 5 wave structure like 2017. Exchange inflows are not depicting an all time high we'll see BTC break 69k.
*Don't panic the exact same thing happened in the 2017 rally a drop to 0.618fib level drawn from the July bottom to mid/early November's second top. The Elliott's wave structure will be broken/invalidated but this brings in the possibility of a new 5 wave structure like 2017. Exchange inflows are not depicting an all time high we'll see BTC break 69k.