I know it looks increasingly unlikely but I still think 3,100 isn't the lowest we'll see yet from Bitcoin.
if $3100 wasn't the bottom, then we're nowhere
near the bottom. we've consolidated for 6 months above those lows so if we return there, we're not just gonna retest them. we're gonna plunge below them.
after the action we've seen, i'm leaning against that scenario. i think the bottom is in. but i wouldn't rule out returning to the 200wma or the low $4000s one more time.
it's tough to answer the OP's question until we correct downward and establish a higher low on the long term charts. it could be that $5000-$5600 consolidation area. it could be the $4200 area that was tested and retested on the way up. it could be near the 200wma if we go to retest it.