There is a lot of despair, which could take us to the 200s. There is also a lot of smart money waiting. Not buying at these prices with money assigned to Bitcoin trading take balls of steel. Buyers of the december bubble also need balls of steel for not selling. The question is how much buying pressure is there from the first group, and how much selling pressure there could be from desperate holders.

The fundamentals are still good though (brand, network effect, security and uptime track record).