[nobrains]

See this: https://news.ycombinator.com/item?id=42493130

Reposting:

This is easy. Bitcoin reaches it's high between Jun and Oct. This is based on historical 4 year trends.

Then falls. Falls around 70%. Again, this is based on historical trends.

And yes, while past performance is not indicative of future performance, the bitcoin cycle has been following this, and when everyone expects this, it ends up happening by the virtue of everyone's expectation.

[Yoric]

Fair enough, but this doesn't sound like a major correction, does it?

[pjc50]

70% is the end of the world for traditional stocks, not a "correction"!

[rapsey]

70% is not the end of the world for a single company stock. Plenty have done similar and come out on top (Apple, Meta, Carvana, Netflix, etc.).

BTC market cap is lower than nVidia, Apple or MS. But that is not important, what it should really be compared to is gold and compared to that it is an upstart at current price levels.

BTC has no utility other than being digital gold. Other crypto currencies have no utility either.