As prices sink over the following months many will leave. Sure, we all say "If it goes to $50 I'm going all in!" But that's not the way it actually works. Once we break out under $50 the selling pressure will be huge.
Hmmm. That would be a tremendous wall to sell through, but if it is sold through, confidence will be (temporarily) shattered. Currently $50 is the mental safety-net.
This feels right to me. Whenever I want to predict what the market will do I start by asking, "What would
I do?" If the price drops to the $5o range again, I'm going to be buying all that I can. If there are many buyers out there like me, the price is going to have a hell of a time going below $50.