We've been in a bear market for so long that this downward movement was bound to happen. And I've said it before, I think we've reached the point where some people got tired of waiting for a big surge in prices and they're now dumping, this triggered a massive panic selling wave which is tanking the price to the 3k levels. A lot of people having saying that this is where the bottom should be, let's see if it holds for the next week, could be a good entry-point for those who were waiting to buy cheap.
It seems that the declining point of the bitcoin reached its end. There is a high chance that the price of the bitcoin will grow again in this following days. There are many panic sellers who keep losing their money because they do not fully understand how the price of the bitcoin works.
Well one might compare this decline to the previous (historical) events and the conclusion would be that the bottom has been probably already reached, however in past events the price stayed at the bottom for several months, so this time I wouldn't expect it to go up immediately either