I don't think so, but if bitcoin goes to $3,000, that would still make bitcoin’s price massively valuable. Remember, bitcoin was at $600 for most of 2016. That means that it spent years after the first bubble at 2x below $1,200.
From the perspective of 2015 and 2016, $3000 bitcoin is just a massive increase in price. This is actually a critical point which I think a lot of people, permabulls and permabears alike, don’t understand. Bitcoin can go to the lower $3,000 and still have demonstrated a massive long term price increase. It just depends on your timeframe and comparison. if you think bitcoin is undervalued at $3,000, it’s not that bitcoin is actually undervalued, you’ve just been spoiled by $20,000 prices. after all, it is impossible for Bitcoin not to gain value over time by this mechanism as long as it stays secure and a fixed supply asset.
I 100% agree with you, that's what I'm saying too always.If we compare 2016's price to current one, there is huge increase in price. If 600$ was enough in 3016 where still even 1k was a dream, current price is far more than enough cause demand on bitcoin hasn't increased that much. But at the same time if price fall on 3k, it will be a huge shock and will be hard to overcome this. Why? Because of expectations from people, 2016's thoughts and current thoughts are far different among people. Also don't forget mining, upcoming halving, fall on 3k will ruin everything.