I think it manipulations from big wheels, they want to be much bigger, so such behaviour could ends very sad for us, who believe in crypto currency!
i do believe the same thing, manipulation that done by whales make another investors panic and they sold all cryptocurrency asset they have. this is condition many times happen , the bottom looks like still not in.
This is not the first time that this story has been repeated. If a person does not have all the savings in the crypt, then I see no reason to panic at all, but yes, the story is extremely depressing.
I don't know if it's a bearish market, but it sounds like a strong correction to me, because when the markets are bearish, for me it means that a bullish and Distribution trend stage has been completed, so far I don't see anything that can say that it corresponds to this, however I think that the correction is strong, and it could be called bearish for me if and only if I see it from a short or medium term time frame, but when looking at other models and seeing the trend it is not bearish for me, and no is that I am very optimistic, but all this is very normal in speculative markets.