Someone talked a few pages back about going to 20K and now 10K. This escalated quickly indeed  Meanwhile we are still 50% above the year low, so no big harm is done. The problem bears have is that hundreds of millions people and institutions are dreaming of cheap bitcoins, so any bigger dip is quickly bought. Surely, we can go lower, I don't argue about that. There are always enough fools around there to sell at any price. I've just watched an episode of Pawn Stars, where some moron went to Rick. The dialogue went like this:
-Rick: How much do you want for that?
-100K.
-Rick: I give you 3K.
-3.2K?
-Rick: Deal!

This sums up the behaviour of both the spot  and the derivate traders. I'm sure their loss is tremendous, but they continue to believe doing the same thing over and over again will give different result at the end. This is just the definition of stupidity.