This drop, if we refer to the previous cycle, which is marked by the two blue lines indicating the peak of the last two bull markets. Then, the bottom is at: 55000! But unlike the last cycle, last time people had faith, and the industry had hope; this time, not only has the industry faced destruction (VCs dead, ecosystems dead, narratives dead), but also major external economic crises, including the U.S. stock market, U.S. bonds, and bank bankruptcies, etc.