I honestly think this is not the cause of one person or some conspiracy. It seems whenever there is a drastic price drop, we always try to run and find something/someone to place the blame on. Most of the time it's just the natural evolution of a parabolic price rise. The bear market has to come, and there has to be a period of consolidation and corrections.
Exactly! It's nice to see there's a few people in the room that don't immediately blame some dastardly "manipulator" for the price dropping. Nobody likes seeing their portfolio drop in value, but blaming whales and manipulators is just irrationally lashing out. Clearly, there wasn't enough to demand to sustain support at $6,000. Now distribution continues, as the market searches for a support level where demand is strong enough to reverse the market.
It's the easiest thing for people to do, they don't like to take responsibility themselves or look for the real reason behind the drop, so they just blame someone else and say to themselves that they couldn't predict the drop for that reason.
I think that demand is going to be an issue at most price levels, more likely is we'll see a lowering of people willing to sell and that will be equated with the demand, but we're unlikely to see a price level where demand swamps supply and quickly reverses the price. People are too afraid of btc right now.