The big question now is does the $10T-$20T US bailout package (not including other major central bank zones, China already started btw) happen before or after Bitcoin runs its cycle.

Before: $1M and beyond easily in play.
After: Long term muted downside, outside of the contagion event, especially in nominal terms.

Who knows in various jurisdictions, things like: capital controls, legal tender, ending cap gains, onerous taxes, unrealized taxes, 6102s, etc.