To my opinion it was and is a bubble and done on purpose and in the end it effects us all (it already does) and not the ones who caused it will suffer of it most.
I think the value will drop more.
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It could drop. After it dropped to $6,000 and hovered there, I thought it would not drop anymore. I was wrong, and eventually, it collapsed to $3,000.
We'll see where it goes from here.