There are really only 2 scenarios for BTC here. Either the bottom was never in and we’re heading to new lows, or this was a very brutal 23% shakeout. What’s making me question whether the bottom is in is that we shouldn’t have needed to extend this low if a typical higher low was forming. I think this drop has been excessive. We retraced 65% of the move to the upside. We didn’t even retrace that much during the 2023 flush from 25K to 19K, when the bottom was in at 15.7K. With all my buys/longs, my overall average exposure is around 69K. That includes spot bought at 65.9K, the long at 62.6K, and smaller spot buys in the 73K- 77K region during this drop. That said, if we lose 65K and start losing 60K, I think it’s reasonable to assume we could see the 40Ks–50Ks. And no, I’m not turning bearish. I’m still a bull and fully intend to remain one. I just think it’s important to consider every possibility in the current context.