This is a happy prediction for seeing the bottom.
If price drops lower than this, then ( my opinion is that investors are indicating ) "digital gold" isn't good enough and the market wants something more versatile.
In other words, there will be a change in the crypto reign.
As a newcomer to Elliot, my correction pattern might be off. If it isn't, I've calculated:
1) Fib retracement at historic bounce off level.
2) Second downward wedge (in orange) signaling a bullish breakout.
3) Support from the past two years acting like the end of the triple Elliot correction wave.