If it breaks the $3000 support and keeps heading lower then it might create more panic and cause another bearish year.
That's exactly how I see it. It will be similar to what happened when we broke the $6000 mark, and I'm sure that this will be the last push the last couple of bag holders and ICOs need to unload their stashes.
there's very different supply/demand dynamics at $3000 vs $6000 though. we spent 9 months repeatedly holding $6000 as the bottom of a trading range. after it finally broke, we had nearly a year's worth of buyers instantly go underwater (turning them into sellers). and anyone left holding from 5-figures had reason to finally lose hope and capitulate. we don't have that sort of dynamic at $3000---not unless we go long term sideways again
and then begin a new crash.
we also have long term moving average support near $3k---the monthly 50ma and weekly 200ma. that wasn't true at the $6000 level.
after an 84% drop, i'm increasingly weary of expecting lower and lower prices. we're entering the stage where bears get over-confident IMO.