Bitcoin has fallen sharply through the December 2019 lows in a trend sequence (wave C) that should be proportional to the first leg down (wave A). This gives an equality target of 3064 which is just below the major low of 2018. We can see the wave C is already mature and should have one last leg down. However, any new low would invalidate our view of a trend higher from the 2018 low and while we could see a large bounce from 3064 it will not go to new highs and will have longer term implications. We will deal w8th these if and when a new low is made.