I think it's clear that someone is trying to crash the market, by selling heavily at the beginning of the weekend, when they know liquidity will be limited by the inability to make fiat transfers into the exchanges.  Exactly the same thing happened two weeks ago, and I'm guessing it's not unrelated.

How low will it go?  I'm guessing this weekends attempt to crash the market will be far less successful than the previous, which triggered an overdue correction in an overbought market.  This time round I imagine there are quite a few players who anticipated the possibility and more have exchange funds ready and waiting to buy back in when they sense a bottom.  I expect a bounce.

My personal belief is that it will bounce back to $10-$11 and then trade sideways for a while.  But I'm not a trader (of anything) not least because I know full well that I'm no good at trading.  I mainly only do buy-and-hold.  So I'm probably not the best person to listen to on this.