Following the approach of artist @CryptoPainter, I retrieved the necessary data and, after implementing the algorithm, calculated the "true value" to be $50,819. This is equivalent to approximately $15,144 in December 2022. In other words, BTC did not fall below this "value standard" during the previous bear market bottom. However, according to Glassnode's BTC Realized Price—the weighted average price of all currently circulating BTC at the time of the last on-chain transfer—it is currently $54,500, a value quite close to the artist's calculation. The difference is that during the previous bear market bottom, BTC fell below the Realized Price.

The main issue is that stablecoins now have other applications besides cryptocurrencies, so the calculation method is hard to say.