Bitcoin has recently formed the pattern of retracing to the 0.618 to 0.786 level. Personally, I think that there will definitely be a break above the 0.786 Fib because too many retail traders have caught on to the pattern and are now planning to short in that area. That being said, I think the big players will push price past that point set off stop losses, giving them the liquidity they want to fill their own shorts. After this, I think that we will continue down to see yearly lows be broken.