Today bitcoin back to $4200. As we saw yesterday it was $3700. Is there any chances that bitcoin go below $3000? If yes then what will be the main reason for it?
We can expect a retest (aka bulltrap) so $3k is possible.
A retest or bulltrap is due to a small group of investors trying to keep the trend bearish (downwards).
Some investors bet on a negative trend and make money (going short).
Some investors push down the price to get people to follow and then they buy back big at lower prices (dump&pump).
Sub-$3k will only happen if something fundamental like MtGox's lost coins, happens.
I think chances are small that we will go <$3k. However everything is possible...