The correction is over now. It bottomed at $30k. News of a company getting a US charter for digital currencies today plus Grayscale starting to buy again on Tuesday quickly ended the consolidation period of the correction after the drop to $30k. Bitcoin will never go below $30k now.
Never again? So sure already? We're only at $38K.
This is right smack in the middle of the OTE short zone (the 0.618-0.786 Fib retracement). In June 2017, a BTC bull trap reversed in this zone before the market completed a second leg down, crashing 40-41% total from top to bottom.
We'll only know the bottom is in in hindsight. In my opinion, not enough time or price action has passed. I'd say there is still a decent chance of sub-$30K.
Oooh fun it did dip back to $34k at least very briefly a few hours ago, but so far looks like it might be carving out a higher low at $34/35k (compared to the $30k of earlier this week). Wasn't expecting a $6k pull back after the $10k bounce of the correction haha, but still going under $30k looks like a very long shot. Nearly $36k right now. Looks like correction continuing after all, but seems very unlikely to be a further leg down, rather just still coming out of the correction. I'm actually glad for this, a longer correction/consolidation here means market participants will view $30k-$40k as a more solid floor as opposed to just another bear trap in an expanding bubble. This should provide more solid footing for higher gains in the months to come!
Also I just read in the first two days Grayscale was back buying Bitcoin they bought something like $183 million of Bitcoin. That's in two days! Obviously institutional investors still very eager and excited to be buying, and they are buying the dip. This correction/consolidation period is just transferring more supply from weak retail hands to strong long term institutional hands.