That would cook the power law depending on how it plays out. How do you think this would happen? Draw a line on a chart for the reply.
Discussion
The bearish case
The bullish case
IMHO, reality is likely between these.
Historical declines...
Based on the power law, for what it’s worth…
We need to go way up from here first. After that… in the august/september time, we could go to $65,000 MAYBE. Even then it would be a blip.
I think 58k is out of the picture by June of next year.
Other issue I see with 58k, is we would need an unprecedented crash in mining costs. Hashrate x $kwh.
maybe GLD reveals something about what could happen. Even through the GFC/2008 it only came down 33%
i think it’s possible we are in a similar situation.
curious what you think about this mining chart
https://en.macromicro.me/charts/29435/bitcoin-production-total-cost