All I know is that every time BTC takes a big hit, it loses a portion of the 2017 FOMO crowd. People (read clueless masses) learn their lesson and become scared and done for a while. So every recovery you have less money to pump. This will go on until we hit the real bottom, which sure as hell isn't in yet. Might hit 10.8k, might not. 4k is still the target.