BTC has a long way to go down. Likely, it is over-priced relative to the crappy USD by $14,000.
What should have been learned about Bitcoin?
1. It is not an inflation hedge.
2. It is not digital gold.
BTC rode the massive Quantitative Easing scam of the Federal Reserve and all of the concurrent debt monetization by central bankers in all of the major economies between 2009 and 2022.
Supply chain shortages exposed that inflation, which had been sloshing into stocks and crypto for more than a decade even though per capita sales of actual stuff had not been growing in developed economies.
BTC, though the best-known cyptocurrency, is horrible. It is not a useful transaction medium for retail purchases. Because it is divisible into small units, it is not even scarce.
More so, cryptocurrencies and cryptotokens, with which BTC competes, are not scarce nor rare. Likely, there are at least 383.958 billion individual coins available from the 21,331 named blockchains established and available for trade. The barrier to entry to create a new blockchain and associated name coin nearly is non-existant.
The ongoing devaluation of banknote currencies of the various banking systems (e.g., Federal Reserve, Bank of Japan, EUropean Central Bank, Bank of England, etc.) has exposed crypto and blockchains to being more like highly-speculative stocks with extremely unknown futures.
Bitcoin continues to reveal itself mostly as a medium for illegal activities such as illicit drug dealing and prostitution among other things. See my April 2022 work where I provide a reasoned estimate for BTC ( Bitcoin (BTC) is Massively Over-Priced in 2022. BTC Still is Not Digital Gold. Where is the Ukraine-Russia War Premium? The Speculation Range for Bitcoin. )
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