After going over a lot of historical Bitcon chart data, I've come to an inescapable conclusion. In BTC, the trendlines that are by far the most important (and hardest to break) are the ones that appear on a log scale chart. Which brings me to my next point:

We haven't broken the real downtrend yet. In fact, every time we have come anywhere near it, we've turned back with double the momentum that we had on our approach.

We still have some time to chop around in this bear market - potentially until September. But an extended bear market is a very good thing for Bitcoin right now - not just because it needs to correct after going parabolic. During a bear market, Bitcoin will be out of the general public minds', but all of the entrepreneurs and developers who have been bootstrapping the ecosystem and rolling out critical infrastructure will be hard at work. The next bullish impulse cycle will be Wave V of the Cycle. In Bitcoin, 5th waves of higher degree tend to extend. If we were to get on the road to 50-100k before summer begins, existing infrastructure may fail to cope with the influx of new users, and that's a surefire way to stop a crypto bull run dead in its tracks.

This chart is an example of what happens to Bitcoin when an influx of new adopters is too much for existing infrastructure to handle.