Bitcoin reaches crucial 8-7K Price-Zone as analyzed

Bitcoin has now reached the 8000-7000 target zone like analyzed a while ago. This area will be a crucial decision point (like mentioned in the Bitcoin big picture scenarios). The Bullish case would be that the current correction is a corrective wave 2 in a bigger 5 wave impulse to the upside therefore we should turn to the upside around the 7K level to make new highs. However the Bearish scenario, which I personally prefer (but thats a subjective opinion), is that we will see a bounce from the 7K but ultimately break under the 7K area. Should this happen and we break the 7K for a while, then I am assuming the Bitcoin Hype to be finally over, as the last pop of the bubble burst. Should we stay under 7K for a while chances increase, that we will see another sharp sell out with time this sell out can bring the price until a price area of 1200-200 USD for a Bitcoin . So brace yourself as it should get very interesting in this decision area.

The Big Picture scenarios and the prior target analysis are linked on the bottom of this post.