Healthy correction and a big drop are different things. We can't say this is a big drop or it is a healthy correction, maybe it is one or the other who knows.
However we can totally say that this is just a bigger one than expected, nobody expected bitcoin prices to move from $11.8k levels just like 10 days?
I think we clocked $12k before it started rallying down hard, I remember being online and in one refresh of a chart we'd dropped from $12k to $11.34k in what seemed like a small amount of time.
The rise in price also wasn't that healthy if we're sauying this drop isn't healthy. It looks like it was a fast move.
How did you say so? If anything, $8000 level prices aren't really that unlikely(though I'm definitely not saying it will drop down that low, because no one knows). Significantly bigger levels of price drops(15% or more) aren't really new, and definitely not out of the ordinary.
The waves could still blow down to that $8,000 area except there is a huge impact made on cryptocurrency for a reversal to show up. The market is catching on the bear trend and trend is still on.
From memory: I thought $1000 is psychologically significant and then: $9400, $8800, $7500 or the areas around those, I don't think a drop to $8k will stay there and it will keep going a bit further. $7.5k could be a problematic drop but as long as we stay above $6k it might not effect much.
I could see us being healthy if we bounce of anywhere between here and $~8.4k (overcorrecting for the 8.6-8.8k levels).
