We have three scenarios. I personally believe / hope the first one will be played out:
s1: we see a forming (purple lines).
s2: if s1 fails, at $75 we could have a
s3: if s2 also fails, at $50 we'll have a 50% drop since the neckline of (not yet crossed / confirmed), which would be a 50% drop from the top.
wrt s3, some people say the drop is expected to be equal. but equal can be equal in price or in %. in their way of thinking, many coins should go negative. I disagree.
I really think the drop today is the result of unfounded FUD.
At the beginning of a market cycle, the news tend to remain negative. The price picks up slowly as demand builds up.
Man makes news.