During busts in the crypto market, the value of Bitcoin has typically fallen 85%.
Yes you read that right.
It has also later had dramatic upturns significantly surpassing its previous all time high. So while the ignorant will claim that this is somehow “proof” that its all worthless, its a ponzi scheme, its going to zero, yada yada yada, just understand that this is NORMAL.
By the way, for Bitcoin to fall by 85% from its previous all time high, it would need to drop down to $12,000.
$12,000 makes sense for technicians.
There is definitely a very solid block of buyers on the chart at $10,000.
There was an amazing block of buyers in the $29,000 to $31,000 range for 18 months. Sellers got beat back six times at that price level.