Meaning we could potentially decline to the $5,000s and still comfortably be a in a bull market.
It's all relative at the end of the day. If we fall to $5k then it's possible that what we have seen this year was a bull run within a multi year bear market. I would consider a revisit of $5k to be super bearish.
You wouldn't be the only one. And it would certainly
feel bearish. In Elliott Wave terms, the rally from $3K to $14K may have been Wave 1 of a bullish impulse. That would put us in a Wave 2 pullback right now. Wave 2s can go
very deep because there is confusion about the direction of the trend.
I don't expect to see the $5000s but that's the bottom range of a "normal" Wave 2 retracement. I would also be looking to the mid-$5000s, where the 0.786 level and the upside pivots from this past spring are rather than $5K.