I come to think that we can't fall massively below 5,000 dollars per BTC - if ever - unless some major whale - of the Mt. Gox trustee's scale - decides to cash out. I base my assumption on the premise that people who bought coins at high prices like over $12-$15k won't be selling at prices below some psychological limit because selling at such prices will be pointless and their only viable option will be to continue holding. So it is not just about demand building up, it is also as much about supply running dry at lower prices. That could potentially lead to less volatility, at least temporarily until a new long-term trend gets established.
I disagree because this doesn't sound realistic to me on many points.
for example if someone is holding ever since $12k+ and price falls down they will sell for sure and when it reaches a ridiculously low price like lower than $5k they will surely surely sell! unless they have not bought bitcoin for profit! and that is unrealistic for most people so the sell pressure will start up IF a big dump were to happen.
but a sell pressure doesn't mean a drop or a bigger drop on its own. a sell pressure only means more sells, it can go either way depending on the buy support and how that can cancel the sells. in this case I do believe that there is an increasing buy support as the price goes down. for example if we need 100
BTC to crash the $20k price, we will need 1000
BTC to crash $15k and 10000
BTC for $10k and it will be 100000
BTC to crash $5k (arbitrary amounts of bitcoin to show the point). and whales do run out of bitcoin at some point since you can never go against the tide forever. there will be a point where you will be pushed back by the tide (the tide being the total strength of the buys).
so you are correct that the downtrend is limited but the limitation is because more people are buying more bitcoin as the price goes lower so it prevents the downtrend to continue forever and eventually will reverse the trend for good.