This is gonna get ugly upwards.
More likely get ugly downward faster.
Don't forget many traders are using leverage to buy and hold onto the price. As soon as the dam breaks, hell will break lose.
I absolutely agree. The market will now have a 30-40 day build-up/lag, and what may have been a slow decline will quickly be a deluge. I am sure BTC will recover, the only question is in how long.