It's not neccesary needed to increase the amount of users to increase btc value. If the same users starts pouring more money, btc will rise.
If central banks start holding btc reverves, might only be a one new adress yet multi million dolares pouring into btc.
And... look at the bigger picture
Higher lows = bull trend
Except that the mathematical model shows that it has been the case in the prior 9 years of the network: https://steemit.com/bitcoin/@kenraphael/bitcoins-have-not-yet-fundamentally-recovered-at-this-time-a-mathematical-case
Also, when a user-driven asset is not adding new users at the previous rate that was sustaining growth, and the fundamental reasons behind that is not addressed, it is very unlikely that the old users will suddenly start pouring in more money. Not sure that would make much sense, although granted it is in the realm of possibility.
"If central banks start holding btc reverves, might only be a one new adress yet multi million dolares pouring into btc."
Except that there is no indication that this is happening right now during this correction. And regarding any currency as you add new users you also lose some existing users so slowing growth is unlikely to yield a recovery. If the slow new user growth will be a new normal then there will need to be a period of adjustment so this was not going to be a return back to prior highs within weeks; as the analysts were telling.
It should eventually turn back into growth and when it does the fundamentals will show that as well, but right now it has not.
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.
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.