I do think there is a good chance that Bitcoin will undercut the recent lows but what I can say with a considerably higher degree of confidence is that if it does, it will most likely do so in a powerful leg down as try to put yourself in the head of the Bitcoin longs if/as it were to start to fall to that level.
I can just say that the vast majority of those long right now did not buy the 2019 lows or anywhere just off those lows but rather the majority, as they always do, have chased this rally, thinking it was safe to get back in the water once again only after it became very clear to the majority that Bitcoin had reversed trend.
Not only does experience tell me that but I can see it on thing such as volume & the vol. at price histogram on securities such as GBTC.
That is how TA works…. while I can’t guarantee we go back to test or undercut those recent lows, I can say that if we do, the vast majority of hot money (those that chased this rally & are long, not the “lifers” i.e.- the cryto permabulls that will take their units to the grave with them) in Bitcoin will be seriously underwater & and gradually as we approach the 2019 lows, selling will beget more selling in a vicious cycle of stops being taken out, margin call forced selling, panic selling, etc..
Pretty much, a lot like my expectation for the stock market once we finally reverse & start making a run towards the Dec 2018 lows. Both could take quite a while or be here sooner than most could possibly imagine.
Again, that break & big drop well beyond the 2019 lows in Bitcoin isn’t a hard or high-degree of confidence prediction at this time, rather more so HOW I would expect a move towards the early 2019 lows to play out (fairly orderly at first, building momentum as/if we take out each big support level below). Until then, let’s see if GBTC can punch AND hold above the recent highs as right now we don’t have any hard evidence of a top just yet.

All but the very last paragraph of that post was me making the case for my opinion, based on many factors including, but not limited to the technicals & other factors in that post, that Bitcoin is/was a huge bubble that burst back in Dec ’17 & has a lot more downside to come with the recent 300%+ rally so far this year most likely already over or close to being over with the next leg down in a much larger & longer bear market to follow.
That opinion can most certainly be argued & as I said in that post, only time will tell if I am right or wrong so it’s not like I am going to short Bitcoin soon & throw away the key regardless of what happens. (Currently, I do not have any position in Bitcoin).
I find little value in the many articles which make big predictions on a stock, the market, gold, Bitcoin, etc.. without any actionable analysis to support it. As such, the last paragraph & chart outlines some key technical levels in which to enter short trades, for those might have a similar take on Bitcoin at this time, –or– for those bullish, like yourself, those same levels might be useful in managing your positions. e.g.- A long entry or add-on at the recent pullback (or another pullback) to the 12.40ish support level or on a breakout above the 17.00 resistance level.
Again, just my opinion on what I believe to be a popped bubble but I will also say that I am very far from being an expert on cryptocurrencies, particularly from the fundamental perspective although I understand the basics of why so many are longer-term bullish on many of the cryptos.
One of the biggest problems that I see with cryptos, other than the fact that the powers-that-be, namely the sovereign nations including but not limited to the US, who see their own currency at risk from alternative forms of currencies such as cryptos (and can & will likely squash them like a bug if/when that threat reaches their collective threshold(s)), is that while each crypto, such as Bitcoin, has a finite supply.. at least as I understand it, the problem is that while in a vacuum (i.e.- if, say, Bitcoin was the only cryptocurrency available), the upside potential of Bitcoin would theoretically be unlimited due to the laws of supply & demand.
However, it is not & although it has been a while since I last looked (and yes, I know many have since fallen to the wayside) there were dozens of different cryptocurrencies so while the nature of each one? might be a finite supply, as long as there is demand what will keep new competing cryptos from flooding the market & depressing the prices of the existing cryptos, especially those that start to become perceived as being over-valued? (a whole other argument in itself). Again, JMHO & admittedly, not my area of expertise although I can trade anything with a chart.