I think all the newcomers (newbies) are now leaving the market with panic selling and that's what is keeping the downfall of course the bad news about bitcoins also helped.
FUDs are causing a lot of chaos among new traders and they are resorting to panic selling all their holdings which is the main reason for this bearish period being prolonged. Being new to the market, newbies are expected to mess up very often and this is one such point of time.
maybe this year's downfall is more than any year because the Chinese holiday (which is normal every year) but the new thing this year is that a lot of new people joined the market who have absolutely no experience with bitcoins so they are panicking. so the Chinese and the new traders together are making a huge impact on the market , bigger than any other year.
I'm a newbie as well so if I have a wrong thought or thinking in a wrong way please correct me.
thanks.
Most of your words were arguably true but since the future is never set in concrete, we are open to a lot of possibilities. China, having imposed bans on all foreign crypto exchanges, looks to extend further its bid to regulate crypto trade within the country. While we might never know the true motives behind the ban, the amount of panic it is causing is unreal.