Bitcoin weekly chart. Last major price move on bitcoin saw a fib retracement between swing high and swing low of 786 retracement. We can expect a swing of similar proportions this time around. A 786 retracement of swing high to swing low of this major trend puts the bitcoin price bottom at just above $1000.00. We have just completed a major impulse leg and now it is reasonable to expect a large correction. A reasonable target would also be a 618 and 50% retracement.