Yes, I can see that as a possibility with us already having done a 1,2,3,4,5 Wave up then potential A,B, with elongated C down to low to mid $5,000's. That would take me totally by surprise but certainly possible.
Here's the thing that bothers me. Many of Bitcoin's long term bottoms had deep high volume selloffs before reversal. "V bottoms" would be one way to describe them.
I think that would call for going much deeper than the $7100s. Don't you?
I posted this 8 hours ago on TradingView: But yes, I can see your point. Which is why I made it more similar to December, 2018/January, 2019 in the chart below in an update 8 hours ago.
"I mentioned possible 'Scenarios" (plural) for this publication. The next scenario is the Primary 0.786 FIB maintaining support without a significant dip below it. Which would result in a bit more sideways price action within a tight trading range during this period of downward pressure revealed inside the indicators in the 3-Day TF in a chart above. If that were to occur (The 0.786 Primary FIB holding), the scenario marked in Green could occur."