IMO a correction down to 420$ could invalidate the bullish scenario, so permabulls better hope it stops at 480$.
How 62% retracement of $190 -> $800 move could invalidate something?
The first correction was about 30%. A new correction, from 700$ to 420$, would be 40%, and would increase the chances of a weak rebound and a third leg down.
Assuming this was a wave 3 and now we have a 4, it should stay mostly above 1 (475$). If it drops to 420$, then this might have been THE B wave and we could see a final bottom close to 100$.
But for now I see little reason for the doom scenario, the Chinese manipulators can make more money pumping than dumping. So I expect another 30%, from 700$ to 490$.