Realistically speaking, $5k is a bit of a stretch, but with how irrational the market is a $5k flash wick might be a great (possibly once in a lifetime) opportunity to enter the market at such lower levels.
Sure it's possible, but don't be too greedy waiting for it. I often look for a high volume capitulation to indicate bottoms in BTC but it's important to note there have been major historic bottoms (like July 2013) that ended
not with a bang but a whimper.
It's possible we quietly bottom on low volume (or already have) and just gradually start sliding upwards again. Those are the most frustrating sorts of bottoms for shorters and can lead to some impressive squeezes.