Today market is going down and in a single day 112B$ to 101B$ and still it is going down. Do you think it is getting ready to move up or it will go down further towards 5000$ or more. Track record of BTC shows that it is vrey un-predictive to predict about BTC.
I've been saying this for quite a while now - I fully expect prices to dip further in this bear market down to around $4-5k potentially. That seems like the trend from the past bear markets where prices have gone down similar percentages before recovering.
Apparently, the price dip was due to people selling off coins for tax reasons but I don't think that it can be solely attributed to that alone. The bearish sentiments certainly acted as a catalyst in this dip.
$5k is likely as a bottom but we don't know whether bitcoin will have a short term rebound this time just like the previous few times, or actually fall through the $6k support. Anyhow, if you do have spare funds at this stage to invest, I would do so wisely as I believe we are close to the floor for this bear market. Recovery for the next bull market is still quite distant right now, I expect that to happen mid to late next year.