This would suggest to me that we are closer to the bottom than people realise. Everyone thinks it is going to plunge further and is now waiting on the sidelines, which is when the opposite tends to happen.
We’re seeing media headlines aplenty about how “it may never recover” and Bitcoin having “no unique value,” a refrain repeated during every Bitcoin downturn. The boom/bust cycle is simply part of the natural adoption process.
When a very scarce fungible asset faces increasing demand over the years, its price will rise over repeated phases of accumulation and redistribution. There is also a supply shock coming in the form of a halving around April 2020, which will see less supply and more demand. The % inflation rate of BTC at that point will actually be below the inflation rate of most developed economies. Food for thought.
