Interesting! I was skeptical while reading the first part, but I find his valuation quite plausible - not overly hyped, not overly bearish. I still think the price has further downward movement to go in the short term, but could see $11K as a feasible level for mid-to-late next year once the rebound kicks in. Perhaps sooner, barring any intervening factors. Cheers! 🍻
I could see that as well, there should be a nice snap back rally once there is a fundamental change. IE, Bakkt or the Nasdaq launching their exchanges/products or a bitcoin ETF. We are at record short interest on btc, and that is a recipe for a snap back rally.