I think it has to drop more. Next target should be $7500-7000. I know that most of my analyzes are and that is not liked by people, but it is the way I see the market. I don't see any intention to change in the short term, since the new investors don't want to invest their money to have seen BTC fall from $20k.
The chart pattern is a . It can break down doing an , or an ABCDE. So if you want to enter a short position, you should wait till the breakout happens (this is not a financial advice, this is only for educational purposes)
In my opinion, the next bull market will be when BTC passes the $12k resistance. Until then, I don't think we can consider that a new bull market has started.
Legal disclaimer: *THIS IS NOT A BUY/SELL SIGNAL. Try to do your own research before trading.*
Last leg down for BTC. Target is more clear now ($7200-7300). We have to wait till BTC breaks down the bearish pennant that has been formed.