I believe we are witnessing capitulation and the bears have the control now, and it might be followed by another long movement of nothing for two years until the next halving. Kwukduck might be right in his $3,500 target to buy back after all. Hahaha.
Why do bears always lower prices? Everything has limits. It seems to me that the decline in prices to 5900 dollars is a temporary phenomenon. Bears test their strength and calculate the economic effect of further price reduction.
But the new "lower high" after the bottoming on "lower lows" will be another "temporary phenomenon" too and it can decline back again to $5,900 or lower, creating a new low for 2018.
In the end, the death of bitcoin is not beneficial to anyone. Bears want to give the steering wheel to the bulls but they don't want to take it and it can be a problem for everyone.
No. Bears like to sell short and would like to keep the steering wheel for as long as they can.