In case BITFINEX:BTCUSD has bottomed we can expect Wave 2 to commence.
Wave 2 can potentially extend towards 61% Fib even lower as long as Wave 1 isn't surpassed. From there onward the next Waves will develop.
2 other scenarios that can happen in in a bullish perspective.
Scenario 1 : The Waves develop but BTC manages to get up to 10k range before the correctional Wave 2. Scenario 2: BTC hasn't bottomed and this is a Wave 3 extension causing the bear market to continue before breaking in the bull market.
The focus is to accumulate as many BTC as possible in the investment portfolio since my view remains bullish.