I actually buy the idea that $80k was the bottom. The normies who got in in the past 18 months are all anchored to $100k in their minds. At $126k they were profit-takers, and $80k they are buyers.
In the past, there were many, many people whose only anchor value was $0. I don’t think very many of them still exist, if any.
$80k is still above the previous cycle’s ATH… perhaps we just chopped off the blow off top and the soul-searching crash when we went Wall Street with this thing.
