I wish we could say that Waves has hit rock bottom and it's only upwards from here. Unfortunately, I think the turbulence is going to last for a little while. It does represent a great buying opportunity, though.
I agree, the decrease of WAVE is mainly due to the decrease of BTC imho. All altcoins have fallen, not only WAVE. For me, as long as there will be an uncertainty about BTC, all altcoin will continue to suffer more or less.