I saw this bubble chart many times today, but BTC never dropped to a lower price than where the bubble started in it's history. Beside that the drops got smaller over time (95% in the beginning to 80% in 2014) and during the previous bubbles BTC was really in trouble fundamentally. This time the fundamentals are better than ever (great new tech coming out and really huge news about adoption) and the drop is mainly technical and some fake FUD (previous drop was Korea ban, only a little regulation really happened). Thats why I expect the bottom around 7500, because that is an important technical point (200 DMA and Fibonacci) and then the drop is than about 62,5%. A bigger drop makes no sense for me since there is no real issue and the market is way bigger and more robust than in 2014
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I do agree on the fundamentals we are in a far better place then we ever been. I am more interested on the sentiment of this correction. And how it appears different from corrections i followed before. I do agree that 8500-7500 is the logical target, and i do wonder if the 2k drop from where we now will generate the panic i am so used on seeing, or the market have indeed evolved beyond emotions and actually matured - which will be an amazing achievement for the ecosystem.
It would be hard to think that the market has evolved beyond emotions with so many new investors into crypto