In addition to the quoted point which is evident by studying the cyan highlighted sections on the edited chart below, also notice historically on this chart Bitcoin must make a higher high than the highest high seen since the prior peak, before there is a confirmed breakout:

 (readers need to click the link for the image because a newbie's images don't appear)

Those prior cyan highlighted peaks before the $1200 one, were extremely deep crashes followed by immediate reaccumulation evident by the higher lows and higher highs, i.e. "oh shit the sky is falling selll!... oh shit, no it is not buy!". Whereas the $1200 peak was a gradually increasing capitulation as the permabulls gradually capitulate evident by the lower lows and lower highs. And that capitulation is not complete, evidence r0ach and the other religious, irrational permabulls have to lose their BTC wealth first before the bottom is in. When ever you see a tinfoil hat married to an asset, that is evidence of market froth. When an asset is universally hated or has level-headed investors, then it is ripe for under-the-radar accumulation.

Obviously Bitcoin is only in a deadcat bounce or in a long-winded, gradually rising U bottom, not on the verge of some immediately imminent vertical rocket upwards past the prior $1200 peak.

Looks like there is strong support for BTC historically in the $5 - 10 range. The other range of support is in the $50 - $150 range, which the range I am expecting for the ultimate bottom. But < $10 is not impossible.

Also notice the same chart pattern for gold, where support is in the $600 - $850 range after breaking through support in the $1000 - $1100 range: