The price of Bitcoin fell from $67,000 in 2021 to a low of $14,500, a drop of 78.4%. It's currently at $64,500, a 50% drop from its high of $127,000. If we consider the magnitude of the previous cycle's decline, it should be $127,000 x (1 - 0.784) = $27,430. However, each pullback is weaker; let's say 20% less, then $127,000 x (1 - 0.784 x 0.8) = $47,300. It's generally difficult to buy at the absolute bottom, so let's add 20%, then $47,300 x 1.2 = $56,800. That would be about right for Bitcoin at $60,000!