It seems to me that if there are still those investors who haven't sold their coins at this bearish season, it makes no sense for them to sell now. The best strategy for them would be to hold their coins. Most likely the weak hands have already left this market and the most patient ones are left. As for the bad state of the economy, I agree with you, but then again, probably the worst period is behind us.
Upcoming event could test those patient ones nerve as there are more bad news on the way. Next CPI data release in december could trigger it. Also many people will be force to sell some of their holdings to pay of their yearly expenses. Some political tension like tactical nuclear attack on ukraine could spread panic in the market. Overall situation is not very friendly for BTC.
We don't need to wait for CPI in December, in early November the Fed will meet and will announce the next interest rate soon. The possibility of a 0.75% increase is almost certain but if they decide to go up to 1% this will be another punch to the market. But I also partially agree on fzkto's thinking, people who panic may have sold out of bitcoins and have left the market, those who have stayed so far, I believe selling bitcoin has become pointless. So no matter if the market continues to plummet with any news, it will recover to 18k-19k soon, I believe this is the support we will maintain.