In this round of the lower lane, if we refer to the previous round—specifically the two bull markets marked by the two blue lines and their previous peaks—then the bottom is at: 55,000! But unlike the last round, where people had faith and the industry had hope, this round not only faces industry destruction (VC death, ecosystem death, narrative death) but also major external economic crises including the collapse of the US stock market, US bonds, and banks.