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.
As far as I am concerned, I feel we are just going to only have the last phase of drop before entering consolidation. Yes, we cannot start assuming for the market, but I do not see that strong hands dropping the market for now. A little bit lower than $6k could be possible, who knows ?
The bears may still want to act on the market, no one also knows, but one thing I know is that the market will definitely recover, and I am sure those who have been holding from the peak of last year already know these facts and really would not care these fluctuations. OP may bring many reasons for this downtrend but I too never care them because I just focus on simply holding my bitcoins for the prices hundred time of current levels.