In the past btc dropped by 57-59% below this channelBitcoin / US DollarCOINBASE:BTCUSDArslankhanMarwatAs you can see, This longterm channel is of immense significance. It has acted as a strong support, multiple times during all three bull cycles. If you look at the extent of fall below this cycle you can see that in 2018 when it dropped below this channel price dropped by 59% whereas in 2022 the decrease was 57%. Now the question is will history repeat? If so, then the target would be roughly $29k. I know this target is beyond the levels generally predicted by analyst, but any black swan event can bring it down to this level. I believe the real bull cycle starts as price enters this channel and real bearish cycle starts below this channel