It's going to be hard to continue this bear trend for long. Especially if we have seen basically 70% of bitcoin's value lost after just a couple months trading. And that's not even taking into account the fact that bitcoin has went down pretty much 50% within the recent weeks.

I think that people are getting real panicky here. Especially those that haven't been involved with crypto until the entire hype has started.

People have to start realizing that as long as cryptos exist, these sort of crashes are to be expected. But even with that said, I feel like that due to this panic and worrying of government regulations, bitcoin can be classified as being oversold at least in the short term. Should be able to get up to at least $7000-8000 if you're willing to make a short term trade.