I agree that fundamentals are strong.
But the technicals are very bad and even if fundamentals remain strong, prices can go down a lot more
This. The market price appears to be have been dictated much more by speculative demand than fundamentals for a long time now. It's entirely possible we're still far, far above any price supportable by non-speculative use. In that case the fundamentals are catching up to investor expectations, but may be lagging significantly behind.
TL;DR: Bitcoin appears to be doing fine. That doesn't tell us much about what the expected price of BTC should be.