I believe that this is the start of the second leg down before bottoming out somewhere between $2000-$3000

The markets always seem to go in cycles, you can look back through bitcoins history and see this.

Look at this bitcoin daily candle chart:
https://imgur.com/A2nVmEi

and this is where I think we are in the market cycle:
https://imgur.com/mwEZ0Gh

This is why I've put some of my BTC into USDT. The is a crazy game though and you can never be sure, I will be watching the charts closely.