So, I was thinking, for the long term, even if Bitcoin goes below USD 6000, no worries, 5000, 4000, much the same. Hodl for the long run.
But, the vitality of Bitcoin is maintained by the continuous mining of Bitcoin. On an average these mining costs are USD 3000 to 3500 approximately. So, what happens when Bitcoin falls to that level?
Maybe the mining rigs won't mind bearing losses for a few months if they sense an upside later on. But, what if they don't, and start bailing out?
In that case, USD 3000 or whatever the lowest cost of mining Bitcoin will effectively become the null point.
If Bitcoin falls to that point, downwards beyond that is a steep vertical cliff wall, and an inevitable fall to Zero.
Additions to your Point.
If Bitcoin falls to that point, downwards beyond that is a steep vertical cliff wall,
Next HashRate Drops * Currently happening *
Next 51% Attack
Then a Network Death Spiral , No BTC can be moved
Then an inevitable fall to Zero.