It’s been a tough stretch for bitcoin investors.

After toppling the $3,000 level last month, bitcoin has shed more than $600. For crypto rival ethereum, it’s been even uglier. The sudden reversal in the market has sparked yet another wave of doom and gloom regarding the future of cryptocurrencies.

But while those late to the party have, indeed, been slammed the past couple of weeks, long-term crypto holders don’t have much to complain about.

According to buy-side analyst Chris Burniske, bitcoin BTCUSD, and the rest of crypto market could plunge 75% from these levels and still be in a bull market. That’s because such a decline would only bring the total market down to $15 billion in aggregate value.

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