Last time we were at $266 the market cap was $2.6 billion.
Now we are at $3.6 billion.
To get to the old market cap of $2.6 billion we would have to drop to $193.
Has bitcoin ever fallen below the old market cap? No.
Let's flirt with it though to get some real despair in. Not sure if this will happen but it is within the range of the possible. I place it as a lower bound on the current bear, but if we make it that low it won't be for long. We can however grind sideways around this current price for awhile.