It looks like stop hunting gone awry. Regardless of the cause, the momentum is now reversed. I expect to see a small bounce before the gap is ultimately closed at $3300. From there it is also a good possibility that we will be headed for new lows. Either way, I do not expect to see BTCUSD head back to $5200 for several months. Comparisons to the last bear market indicate that it could be 6 to 8 months before it is clear whether or not the bottom is in.
