I think in a black swan it really depends on how the ETF passive funds are dumped, considering the heavy concentration if they stamped out, trying to absorb that over a short time frame would absolutely rip down like crazy and all the leverage along with it

Then you get people who have a fiat number that they can't stomach and they start dumping, I think that's around 4 figure Bitcoin lol, but after the DCAs eat those cheap sats its up only

Also depends on if this black swan hits the job market hard