The problem i see is that Bitcoin only existed in a S&P500 Bullmarket. We had the -85% Drops in Bitcoin, but they always happened while the S&P500 was in a Bullmarket since 2010.

Bitcoin never existed in a real bearmarket of the S&P500, like the 2000 Dotcom Bearmarket und the 2008 Bearmarket. That`s why i think we could drop further.