That's precisely why such a low level is required. A market's goal is to shake out conviction.

$100k shakes out permabear conviction.

But $80k, $50k, even $30k will not shake bullish conviction.

It will take deep levels. When all bulls throw in the towel, THEN we re-buy. And MSTR bankruptcy may very well be a marker for that (like FTX was).

I'm working on alternate all-time counts. The only bullish count I can find breaks 2 EW rules so it's considered invalid. I need to look harder. I can find 2 valid bearish counts that each point to corrections of 70% to 90%. It's really dangerous here.