Absolutely. No one can effectively predict any market, let alone the Bitcoin market which is more volatile than most. However, my personal feeling is this might be a bit of what traders would call "A bull trap".
From investing.com: "A bull trap is a false signal indicating that a declining trend in a stock or index has reversed and is heading upwards when, in fact, the security will continue to decline."

The market will recover, but I don't think this is it yet. This is my personal opinion. Take with a grain of salt!