I'm not sure about anyone else, but I am a bit tired of seeing questions about "is BTC dead?." People watching closely will have a large advantage when it comes to getting a good entry price for the next bull run. I would ignore the news right now, unless of course Mr Nakamoto starts liquidating his holdings. Normally the bottom is signalled by someone being quoted in the news as stating with "absolute certainty" that BTC is going to zero or that we are just starting a multi-year bear market.
BTC is about to drop again between 3.6% and 6% but this should be the bottom for BTC (if support holds). This will be the end of the most recent ABC correction in the WXYXZ (not shown) down from $8500. What I expect if for this to be the final correction before a bounce. The size of the bounce waits to be seen but I expect it to be considerably more healthy anything seen so far this year - bear in mind that any "bullishness" seen so far this year has been seen from upwards corrective waves (B waves or failed impulse waves up). I am eyeing the green box price range for signs of strong support (it depends if one of the 5 waves of wave C extends) as a safe entry zone. Personally, I won't be entering at the best price but will wait for a wave 1 up and wave 2 to retrace less than 100% before entering - but that's me.
Best scenario: Wave C down is truncated and makes a 'double bottom' without going below $6008, this will indicate strong demand that will show itself once the correction completes. This will make wave 1 and 2 of a new impulse wave up.
Next best: Wave C ends in the green box and also does not go lower than $5755 before bouncing and attempting a new impulse wave up,
Not great scenario: The bounce at around $6000 fails and BTC retraces below $5755. Anyone willing to enter short will need some stones but this would indicate a new ABC correction, and the C wave may be worth shorting. Expect support to show itself without much notice - keep those stop losses tight. Monday will bring the volume a bit higher.
If $5755 holds I believe this signals the end of bear season. Time will tell. Thanks everyone and good luck.