However: the fundamental situation is not like it was in 2011. Back then it was all doom and gloom and a large portion of the community and even more so the rest of the world truly believed bitcoin was dead. There was talk of dead cat bounces and blood was running in the streets of these forums. This is not the situation we see now and I don't believe it's going to come to that.
Exact same thing can happen now. The doom and gloom only developed once we were WELL into the bear market and nearing $2. The point is that sentiment is lagging and you can see the same thing happening and Wired and Forbes spinning something nice, only this time with regulation/convertability/altcoin fears instead of hacks and whatnot.
The ones shooting for a bottom too low will be left holding the fiat bag.
How is USD a bag? USD is opportunity. If Bitcoin doesn't offer you a good deal, you can always go elsewhere. Things have been collapsing against the dollar.