I'm thinking $7300 will be the bottom of this. I think too many people will pile on if we were to visit 6k again, I mean unless we are to test 3-4K again which I think is unlikely. $7300 will feel very bearish where I expect traders to sell in anticipation of a 6k support retest. Whales will take advantage of this anticipation and move prices higher.
This is not a price discovery market, its sentiment discovery and manipulation. The way I see it is: Once the bulk of traders and noobs get comfortable with price swings and are able to either trade it or have simply resigned to HODL, the price moves up to recapture a new set of noob traders who'll be the next course of whale food.
Why would people investing into Bitcoin be a problem if it were to reach below $6k? It theoretically would not unless these people intend on dumping at the same time in the future which could cause another drop if its all done at the same time but the probability of that happening is next to none unless we have a few whales which buy very large amounts which could influence the market. This is not a price discovery market, its sentiment discovery and manipulation. The way I see it is: Once the bulk of traders and noobs get comfortable with price swings and are able to either trade it or have simply resigned to HODL, the price moves up to recapture a new set of noob traders who'll be the next course of whale food.