What's the worst-case Bitcoin bottom if the 4-year cycle actually plays out? Matt Hougan says a 70-75% drawdown from all-time highs puts you in the mid-$30k's. "You have to admit that's something that is possible." He thinks we won't get there - institutional capital and slower actors have reduced the risk. But... "Somewhere around 50 is where many of the people who have been calling for this bear market think it ends." "I suspect we'll be much higher in a year, but I don't know where the bottom is." FT @Matt_Hougan @LGDoucet.
