I think it should.
As per CMC the total Market cap is only $121 billion. If the price of Bitcoin hits $3000, then the market cap approx will be $100 billion. I may be wrong in the calculation, but it will be less to what it is now. Which means most of the short term investors and panic sellers have left the market. Those who are left are either long term holders and big whales.
The only option left for these whales is to pump the price at $3000 level.
What do you think? will stop at $3000 level or will it go further down
According to the price volatility everything can be. We don't know what we are gonna face tomorrow. Unless there is an innovation against the price decline we can see even below 2k. The darker price, harder it gets towards the darker and I think we are close to that dark color. A new breath is needed and subsequently everything can be fixed.
It is very hard to decide and to think whether bitcoin will rise from this and honestly, all I have now is the belief that bitcoin is the currency of the future. Based from the price, people keeps selling even at low prices and there are so many reasons to think why they do that. Maybe they need money, maybe they give up on bitcoin already and etc.
Even if whales could be the one doing the selling causing the big dump at the price, @pakhitheboss could be right. Maybe the only option left is for whales to be greedy right now, and them buying will surely make a change at the market price.