I previously thought that too but I've slightly changed my mind about this.

The 2013 bubble was a single huge run-up where the bubble burst and turned immediately into a long term bear market.

That's not happening this time.

For a start, the current "run-up" has lasted 18 months so far and has been much more sedate. It started mid-2015 off $200. There have been periodic bubbles which burst (see chart above) but unlike the 2013 spike, none of them have reversed the trend so far and having made that observation above I now have no reason to believe that this one will either. It seems to have bottom-spiked just at the right place to be consistent with previous "overheat conditions".

If it really starts to dig in past the previous spike (i.e., say in the 4000 CNY range) then I'll have to change my view obviously.

So I think the reason that it's only taken 1 week to fall below the previous spike is simply because it has far less distance to go since the growth is more natural and sustainable this time.

P.S. You can see the Huobi traders - they've taken it very quickly and confidently down to 5200 CNY but they appear scared to short it beyond that point because that would be defying the underlying trend and expose themselves to serious risk of having their shorts fried for breakfast. Lets see what happens over the next 10 days if it springs back up to the propeller "nose" or not with covering.