In practice the bottom will probably be about $10k as people will start thinking that used to be $65k, maybe it'll go back, and buy some.
It's all human psychology but so is the value of a lot of things.
When you buy crypto with USD that's a one time transaction that has no bearing on future price.
E.g. the ARKK etf has had massive net dollar inflows YTD despite falling over 50% in the same timeframe
> bitcoin price / number of bitcoins
$23,304 / 19,066,500 BTC = $0.001 /BTC
If there is one human into bitcoin, then they invested $0.001 ? If there are more people into bitcoin then they invested even less on average?
It doesn't make any sense.
In practice the bottom will probably be about $10k as people will start thinking that used to be $65k, maybe it'll go back, and buy some.
It's all human psychology but so is the value of a lot of things.