Below $7000, $6100 is the major support level which if broken can create a panic in the market and can take the price to $4000 levels. But $6100 is unlikely to be broken as it is the major and the toughest support level to break. Regarding the bubble getting burst, if we look at the longer term bitcoin price chart, price is still parabolic. The December hike was unnatural and a dip was expected. Where all the financial markets like stocks, forex, shares are suffering, crypto market is still in a good shape. The long term chart is still parabolic and looks bullish. Thus, calling it a bubble burst would be totally wrong.
The main problem we have is that many holders are not as sane as we are since the recent dips created that negative feeling that can ruin good judgement and can crush that necessary trust and confidence for the future. Though personally speaking I fully believe in Bitcoin and that all of these developments are just temporary based on historic precedents. We should be hoping that the market will resist negative news and would focus on the possible gains that can happen soon.
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