Since lot of people are in Panic they will start to sell their BTC with loss , Market will be red more than ever before,
So this is how It work:When BTC 2.9K$ Panic will be started, Downtrend will be slowly started too. Price will be dropped to 2.5K$ - 2K$ than Next wave of Panic will be started and price will be fallen to 1K$ and it will stable at 800$.
That already happened, the reason the price is not going down that much anymore is because the people that remain are those which do not panic easily, so if someone tries to manipulate the price of bitcoin to make people panic that person will be the one to lose his money since everyone will take the opportunity to get bitcoin for a low price, so if you are expecting the price to go any lower I think you will be disappointed.