What will happen next?
1.Whales who sold for higher prices will buy slowly at low prices and will become 1.5* rich.
2.Some people will leave the Crypto market.
3.Believers will HODL.
4.The market will slowly recover.
I kinda agree with the part of "What will happen next?" Up until now, it is just a vicious cycle like what you have prescribed on that part. Small people ( small coins and small guts) will leave this market and the HODL-er will be the winner, well not a fully winner, since the winner is always the whales.