This is the do or die moment for bitcoin in my opinion...

The $30k level is the last major support level on the chart until about $20k.

If bitcoin loses the $30k level it is likely to fall a lot lower yet again, possibly falling all the way to $20k.

The damage that would cause is likely irreversible in the short term, meaning the highs for this bull market cycle would likely already be in at that $65k level and it would take years to build back up again and make new highs.

As it stands now we either have a double bottom being put in or we are about to lose that major support level:

(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)

I will admit this drop caught me off-guard as I thought we would have a stronger bounce once we crashed like this.

So far the bounce has been weak and the trend is still down.

If we lose that $30k support, all bets are off in my opinion for new highs this year.

Here's to hoping we don't!