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. 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.
Because bears care less what you think or how anyone wants to perceive the market in the long term. Their mission is to shake out enough weak hands, make enough from it and then rinse and repeat the process.
This will not be bitcoin's death since the value upward was obviously a FOMO issue and it was not as a result of real demand, at the end when the market recovers and set new ATH, all these would only end up becoming another history. $5000 is my bet in the short term towards the end of June with some little recovery at the beginning of next month before continuing lower.