This is the 3rd or 4th time Bitcoin has Shot up to ATHs nearly vertical and then corrected itself. Should not be surprising to anyone at this point.
I have been saying for months that Bitcoin will most likely drop back down to the 20k range. Just look at the chart from 2018!
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What do you people expect from this last bull run?
I think you are presuming that this cycle will be essentially similar to the past, as is often the case, and it doesn't have to be. People who make forward-looking predictions based on the charts of the past often forget one little thing:
Reality.
The institutional adoption we are having this cycle has never happened before, and I don't think it's going to stop because of Musk or China. The Bitcoin price does not follow a deterministic pattern that we can calculate based on past price performance. It is the events that are happening that drive the price.
Personally I still believe we will pass $100k at the very least.