But why? There are several factors worth mentioning:
* historic patterns, 4 years cycles - people are comparing this cycle to the previous ones and the bottom should be reached in Q1 2023 (February-March?) according to that pattern. I wouldn't rely on that as the pattern has changed significantly - we had no exponential blow-off top: just x3 instead the x20- x30 we got used to. We also broke the tradition of not going below the previous cycle's ATH (dive under ~$19k we reached back in 2017).

* macroeconomic situation - war, post-covid issues, energy prices growing, hyperinflation, recession. You can't rely on this, because people may look for a safe heaven with all these stocks meltdowns, money losing value etc. They may consider Bitcoin to be such a safe heaven asset?

* overall bearish mood between traders - this one is hard to explain, sort of a collective brain. Noone is buying I won't too.