Yes. I was simplifying, in some circumstances stock price drops go down to the bare net asset value. Companies have assets and liabilities, and the shares shouldn’t drop much below the net value of those assets because even if they declare bankruptcy, the shareholders get the proceeds of liquidation after the creditors. You expect a distribution of those funds, and so shares don’t drop to zero unless a company is deep in debt.

When earnings projections are inflated and then drop back to earth, or some economic news means the projections are no longer good, then shares drop to an estimate of that base asset value + the new, lower earnings potential. That’s your typical stock price drop story.

Because Bitcoin is not a company publishing reliable earnings reports etc, everyone is currently guessing at the amount of value attributable to the utility demand value I was referring to, compared to the speculative value. If people tell you they know where the bottom is, they are probably completely bullshitting based on analysis equivalent to drawing lines on the stock chart in MS Paint.