I can't believe I'm saying this, but in light of this news, I'd say $300 isn't unreasonable. It'll take awhile for the exchanges to flush out all the panic sellers. This could last a few days.
a few days eh?
chinese have to get their money out by jan 30th deadline.
so, I would bet on more like 6 weeks of bitcoin torture? not saying it has to crash every day, but I would expect downward pressure for 6 weeks.
Also it takes a while to arb the exchange rates between exchanges, so the downward pressure will be moved to gox and btc from the chinese exchanges only after days of being at lower prices (like they currently are now).