Gold had a two-decade extreme bear market.  Anyone who bought gold at the wrong time had to wait an awful lot longer than four years to be not underwater.  I also think that was a politically motivated economic attack, though I don’t want to get into off-topic discussion here that will derail into other matters.  (I have mentioned this in some prior post, a few weeks ago...  Something about gold-producing countries under international sanctions.)

Only fools declared gold dead.  Smart people bought gold as low as ~$260, not so very long ago.

If we can escape from erroneous thinking about Bitcoin as “like a stock”, and really start treating it as digital gold, then there is ample precedent for shrugging off much worse crashes and bear markets than I now anticipate.  As bad as this one is.  Even if we are still nowhere near the bottom—maybe; maybe not; I am realistically pessimistic, but not prepared to make a call either way.