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RE: Bitcoin prices won't be at the bottom until they drop down into the $4000's
The problem with this graph here is that you are comparing two completely different asset classes. Although they are both great representations of bubble scenarios I don't think the price of BTC can go that low for one main reason: the physical cost to MINE BTC.
Least expensive countries to mine Bitcoin
Venezuela — $531
Trinidad and Tobago — $1,190
Uzbekistan — $1,788
Ukraine — $1,852
Myanmar — $1,983
The price to mine BTC in USA in 2018 is $4,758
http://fortune.com/2018/03/07/bitcoin-mining-costs-global-south-korea-venezuela/
So the potential for BTC price to drop into the $4K range is not going to be limited by the costs of mining.
Also, consider that with Soros entering the BTC market place, he is most well known for making lots of money for SHORTING.
So Soros can makes lots of money by shorting, and if you are going short the most money to be made is by shorting BTC all the way down to $0.
Remember the BTC futures market do NOT settle with real BTC.
So if you NOT settling with real BTC, then the futures price for BTC can go to $0; Soros can make a few more billions, and crash the crypto market down to nothing
What do you mean by least expensive country to mine btc
Do you mean by electricity cost?
I am from Myanmar? Our country has hot weather.
Mining equipment can be easily heated.
Read the article from Fortune to get full background. I assume cost is mostly the long term cost of power, and the short term startup cost of buying your mining rig