I must say, I didn't expect Bitcoin to drop so low. I thought that it was becoming more stable, losing a lower percentage of its value than it used to before. It seems that I was wrong, as it already lost around two thirds (compared to ATH), and it's unclear if the bottom is $20k (maybe it can go even lower, who knows anymore). I'm a bit concerned, and I don't think inflation is a reasonable explanation. Why would inflation lead people away from Bitcoin, not toward it? After all, Bitcoin is resistant to inflation by design (to hyperinflation, that is, as the number of coins is growing, but slowly)! So it's some sort of ridiculous panic selling. I hope the panic will be over, and more people will start seeing it as an opportunity to buy.
Let's think about this for a minute. I understand everything you are saying but for all the people who panic selling there must be opposite people happily Buying their Bitcoin up because it is not been sold into thin air. As I said, I understand why people will feel the way they do about the market but if Bitcoin could go from $20k to about $3k and was also able to come back from that to above $60k, this is just another phase but the recovery could take time no question.
