I am cautiously optimistic that $30k touch was the low in BTC

Was that big crash the other day the low during this pull back? What do you think?

I am cautiously optimistic that it was.

We are currently in a consolidation phase after the big drop.

The resolution will either be another move to the downside or a reversal of the trend and start heading north again.

Here's the chart:

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

If you zoom out a bit, the current setup looks like it could be a bear flag pattern, which would indicate more downside to come.

However, after such a big drop, these patterns are not very reliable with the odds somewhere around a coinflip.

If this were to continue lower it would probably signal the end of the bull market.

I don't believe that is the case due to the fact that this bull market would be the weakest in percentage terms and the shortest in length.

Given the macro backdrop of massive money printing and corporate adoption on a scale never before seen in bitcoin, I suspect this bull market may end up being longer than some of the others.

Which means...

This is just a dip.

BTMFD.