That's right. It can go much lower
Two things:
Gold can double in value while btc stays the same
Or btc crashes while gold steadily goes up 
Discussion
Yes, this is the most important chart right now. We are still showing no signs of a trend reversal.
Just straight up being devalued lol
Max pain http://blossom.happytavern.co/e7b07c37745c64fa96f4fb72b01b5d3c7dacd37bf7ab7de7ab4eda93e6d34417
That has been my fear this far. The controllers can print a ton of money while keeping bitcoin at 100K for God knows how long
It'll be painful lol
That being said, it does feel like a bottom for bitcoin. It feels like it can go up anytime soon 🤷♂️