This model shows current bitcoin price action is still sitting within historical norms at $74,000. Bitcoin is down ~40% from its October high while U.S. equities remain near all time highs, with the S&P 500 down less than 10%. Under those conditions, a possible ~45% bitcoin drawdown aligns closely with historical volatility. Volatility of this magnitude remains a symptom of a rapidly monetizing asset. If equities weaken further, additional downside is certainly possible. Nasdaq is down ~2% today and the S&P 500 is down ~1.3%. My key takeaway is simple: Bitcoin’s recent volatility reflects normal market behavior within an unstable fiat credit system. Current BTC price action is statistically nothing abnormal.(Joe Burnett, MSBA)