After today's little $2k mini-correction, the likelihood of a major correction before $30k is diminishing... and thus the chance of ever going below $20k is getting less and less.
That combined with institutional adoption points to sub-$20k prices as being extremely unlikely. Institutional investors don't panic-sell or "take profits" willy-nilly like retail speculators.
We're out of hours now and the price moved a giant amount, can we say its institutional investors that are attributable to the price action being so bullish. I think its the usual boom bust scenario of people jumping on a band wagon to hold an asset they dont want to use especially (now) but want to gain from. Iam always going to believe our actual correct pricing revolves more around the ongoing usage case for Bitcoin, I really dislike the dream floated of Bitcoin being the only currency in the world or even taking over from the dollar. I think thats delusional and makes me think we just reverse price gains if people dont accept lesser ambitions.
So as you said yourself miniature correction, on a small time scale I agree its quickly resolving upwards. The true bulk of BTC is working from weekly bars not the lesser time frames we try to observe a good time to enter and profit from trades. So I think it takes more then just a high price to remove the possibility of profit taking, Im making a hard case for myself here as we are so positive I just dont like people kidding themselves we are always going to be trending up as its not been that way previous. Its always a set of cycles on varying time frames and each wider bar is more powerful then the quicker movements below, so daily and weekly are the smallest important areas we must prove strength by; also monthly and quarterly moves are relevant imo.
So a graph is better then words and maybe, looking at 26879 as a good rung to hold us in positive price action as the best guide I find myself with as I cant easily guess where we go only to best notice when we are about to stop