Most of those I talked to shared a common belief that it would be very unlikely for Bitcoin to drop below $43k level of support. A level which has been "tested" a number of times.

Indeed. I was following some "analysts" on Telegram and Youtube last month and none of them expected such a negative move for Bitcoin. Perhaps, we need to listen to Warren Buffett sometimes 😁 "Be fearful when others are greedy, and greedy when others are fearful."

Well, I think you're totally right and that Kazakhstan's bad situation is the black swan for the most react price action.

Kazakhstan = approx 5% of the entire Bitcoin network.

I stumbled across two articles by Reuters and CNN saying that the percentage is even much higher, about 18% !!

Thanks for bringing this topic up. Have a good day :))