Here's my interpretation:

A drop from 17K to 10K- (40+%) would mean that the bull run continues to 70K-100K.
A drop from 30K+ to 10K- (67%+) then the bull run is over (bubble caput) and no chance of 70K-100K.  I think he earlier said the next bear market would be 2 years.

It seems to me that since we crossed 17K and are now approaching 20K , the latter option is more likely.