During 2016-2018 bubble we had 5 corrections harder than 35%. Our hardest one this cycle was 25%. I would not be surprised to see even 40% drop to 38k before finding strong support to move forward.
Well this 25% correction is just the first week, and today in ASIA we had 10% ($55k->$47k), which means at the open USA there will be correction, this correction isn't over until the fat lady sings, and in the past it took 9-12 months to find the sweet resting spot, before BTC resumed its mtn climb
For the record, back in 2017 in this forum I said post $20k collapse, no way $6k could go back to $20k, but how in the hell did I know about COVID, or free stimmy-check, or trillions of money to corporations
So now with this current 'hedge-fund blowout',[archegos] not seen since LTCM, could/would the US-GOV step in and bail out these BTC losses that we'll see on this 40% decline ( using your number $61k to $38k ), we're talking 100's of billions of USD loss here ( I calc about $350B loss in a week ), and most of it is CORP money, and they like to privatize gain, but socialize loss.
Of course if this doesn't happen, there is no TBTF, no bailout, say we can't blame the Russians for CORP USA buying Bitcoin, then why in the hell would they ever step back in??
Or horror of horrors, what if our own Federal-Reserve-Bank was already activated the plunge-protection-team to save bitcoins ass, to save MUSK, to save uncle-scam, ...
Under real world conditions BTC would have never been worth anything, had post 2008 people not lost trust in the USD or US-GOV, bitcoin would have had no traction, of course now with "GET RICH EASY", of course nobody gives a shit about this,
I find it hilarious that everyone on BTC is 'rich' and in lockdown, folks that isn't rich, rich is 'freedom'.