Next downturn when everyone wants to cash out all their investments at once so they can pay rent and such. BTC has yet to experience a downturn, I don't think it will be pretty.
Bitcoin has had downturn of over 80% in USD terms in the past 5 years.
The large investors will buy even more.
China will ban it for the 17th time? (kinda sarcasm, kinda not)
Its not a real black swan because it's so painfully obvious to anyone who's looked at it in depth but the demise of Tether will have an enormous impact on BTC.
It doesn't matter. Bitcoin's normal price discovery is volatile to the degree that only black swans are in fiat currencies.