Bitcoin will always expect to dump more as long as bearish season is here. So crashing between $20k-$23k is not surprising as it could even fall below than that if possible. Bitcoin once fall into $3k and yet it recovers, so there is nothing new like this. Whatever the specific reason according to OP, but as long as the market remains having a crypto winter, there will always be price drops not only for bitcoin, but the whole market is in blood.
No one can really say how far the price of bitcoin will fall during this bear market. Of course there are those who hope there will be a bigger decline and there are those who hope that it will recover soon. Really this is something that is difficult to predict, but when we talk about the possibilities then there is a feeling of optimism about the recovery that will happen until the new ATH hit.
As for the downside, I'm pretty sure it might happen again in the near future because it's hard to erase the panic in the market. But for most of the time we should really know that the price will move in both directions and the storm will soon be replaced with light.