It's gone down this much, it can't go lower - This statement is really not true, because an asset reduces in value from say $10 to $2 doesn't make it a good time to buy. Just by assuming that it can't go any lower. You must understand that it can go further down, and stay down for years to come.

This hundred percent true but it will not apply in the case of bitcoin because in every 4 year bitcoin halving cut down supply and that is the thing that makes bitcoin unique and long term beneficial for long term holder. Thank you for you for sharing this great post.