⛏️ #Bitcoin production cost is arguably one of the most important long-term metrics.

#BTC is not backed by cash flows or physical assets - its foundation rests on two core elements: capped supply and mining economics.
📈 Over the past 11 years, the production cost has acted as a support level comparable in strength to the 200MA.
Historically, these two levels tend to stay close to each other. Average downside deviations below this range have been around –20%. Most breakdowns were relatively short-lived. ⌛️
What this means for investors:
Buying near the production cost has historically not resulted in losses for long-term holders (this applies to investing, not short-term trading). 💰
👀 The lower range currently sits around $60,000, which has already been tested.
If we apply the historical average drawdown of –20%, a theoretical extreme scenario would imply a move toward $50,000. However, markets are not obligated to follow historical averages - further downside may not materialise.
🔑 The key question remains:
Are you accumulating $BTC at these levels — or still waiting? 🙃