Here is some speculation:
Our mini-crash this time was from 70K to 49.6K, roughly, which is 28.6% (some reported it as 27.5%).
In March 2020 the "main" crash was 50% in a day or so.
Therefore, the severity of this crashola so far was 28.6/50=0.572X
Assuming no more crashes, what does it say about the ensuing bull?
In 2020-21, we moved from 3.8K to 68.9K - a 18.13X.
Multiplying 18.13 by a reduced severity factor of 0.572 and assuming that the "bounce" is proportional to the "crash" gives us a 10.37X multiplier (18.13X0.572=10.37) for a maximum bull during this cycle.
If we apply 10.37X to the 49.6K low, it gives us a $514.4K maximum price during this cycle (more than I personally thought possible).
It's $467.66K if using 27.5% decline for the calculation.
TL;DR just dubious speculation as B. Cowen calls it.
500k sounds good to me.
Poll
