2nd Correction of 45% one of the highest ones so far
This reason is the only one I can really understand, since I'm not into technical analysis. Regardless I do hope you're right. The steeper the drop, the more scared bitcoin holders get and this can lead to more panic selling and further decreases in price. It would have to stop somewhere, but with bitcoin being as dramatic and unpredictable as it is, that could be anywhere.
I never did the math on what this correction actually was, percentage wise. 45% is incredible. You really have to have a set of cast iron balls to hold on thru this ride, and I think many investors have already jumped ship by now. That should be a good sign for a recovery in and of itself.
I don't think this coin will recover in the near term because currently everyone is sell panic and there is a possibility that Bitcoin could return to $7000 in the next few days.
Yeah I'm hoping it doesn't go to $7000, but I know it could. Easily. And you are probably correct that this is all due to a bunch of panic sellers rather than one or two whales unloading their coins.