Where product 'value' is concerned, and one must weigh future prospects, i believe that to judge any given 'change' based on 'from how high it has fallen' is the wrong standard.

The correct standard, as you so aptly allude to, is must base on 'from how low it had risen"

So yes, only a year ago bitcoin was <1k and then in December it neared 20K, and now at 6-8k, we are all but lamenting...

So yes, you have it right.

8k is more than good.

At any rate, just so those who base on the 'from how high' should revise their angles, how long was bitcoin near 20K? Not long.

But how much has it been 5-10k? as long as i can remember. Which only means that, its stability point, the lowest common multiplier (LCM) of bitocoin value is somewhere around there, and massive divergence must be treated as exceptions.

All the more because yes, monetary value only awlays must rise steadily, if it is to sustain the climb.

I prefer to think of hikes, such as the near 20K of bitcoin, only as pointers of the ultimate target, but which must nonetheless be arrived at progressively, steadily