Its like saying if the annual consumers of say Coca Cola suddenly dropped by nearly half, after years of growth, then the value could still grow because existing users could suddenly equally start drinking twice what they used to drink. Unlikely. And without even trying to assess the reason why new users started dwindling and if those same factors applies to existing users? Any analyst that implicitly pushes that without any evidence of where that has ever occurred in life for any product or asset class is deliberately suspending reason.
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However, the number of unique users is still increasing, although at a decreasing rate. This definitely implies that prices would not be able to maintain the same kind of growth as in the past, but it does not mean that prices could not hold steady or increase marginally.
I think you are right, however, that the fundamentals did not support a breakout at 6k, and I fully expect a retest of that low and perhaps a continued decline unless some news changes my mind. Thanks for your article, I found it very good food for thought.