I disagree. The volumes of the previous crashes of this bear market were equal or higher. At Bitstamp (look at the 6m graph at Bitcoinity), for example, the first crash in December was the one with most volume, followed by the one in January.

So it's a pretty normal 20%-downmove in a bear market. A little panic, but something Bitcoiners know very well

We can see $2000 in this bear market, that's out of question, however my personal guess for the low is $3000-4000 because that was a level that was reached several times in 2017 - two times as a high and one time as a significant low. There will be massive support there. And I repeat that we will need several months to reach that low.

And I think Tether is important but one should not exaggerate, too - it has about 15-20% market share, but MtGox in 2014 had 70%. So it could add a nice 20%-downmove like today/yesterday, but its consequences will be far less severe than the MtGox insolvency was.

According to this: https://zerohedge.com/news/2017-12-02/jpmorgan-has-some-bad-news-bitcoin-bears

There is at most 6-10B$ entered the market from 2009 - given marketcap, it's artificially inflated to enormous scale.

Tether has 25% share of this capital (if we count 10B$), and 41,66%, if we take into account, that only 6B$ entered market.

That's enormous. Maybe not MT.gox big - but big enough to crash whole market to 60-100B$ marketcap level, which was just a start of elevation to this incredibly stupid valuation, which is now.

In some years I would say 1B$ marketcap is possible, given, that now it has caught some attention. But in next 5-7 years. Not now.
But just, as dotcom bubble - it should first burst, to reset market cycle.

Comparing both dotcom bubble and crypto assets bubble, or maybe not a bubble, but manipulation by big whales, and then FOMO of people, I have composed such graphics

https://scontent-waw1-1.xx.fbcdn.net/v/t31.0-8/27164704_1554130358015659_1252017364179825214_o.jpg?oh=129d847f126f0eb2d212628286c45562&oe=5AE409A5

https://scontent-waw1-1.xx.fbcdn.net/v/t31.0-8/27164638_1554130451348983_6347524531333896049_o.jpg?oh=5033d8dadf5b8a32d4d2940419c1737e&oe=5AE8CD75

Correction to 166-180B$, as I have compare it with NASDAQ chart.
But... After this correction/crash, things are going to be better - and I think, that will be the best moment.

Of course you could always be early adopter (me too), with more crypto, than you had, but at least, it will be legitimized to enter cryptos.

So wait for the final dip. Don't enter, when it's too hot (even if you miss some "gainz").

It's not a fud, it's a proper and wise advice, don't get slaughter, by whales, and manipulators. They will juice you out, if you enter now, you will get more and more dips.

Nonetheless - if BTC go to 3K - alts can go even lower, then BTC, when it was at 3K last year. Why?
Because there are several hundreds more of crypto assets, so it's getting diluted, and money is sparse between all of them.
A lot of them, don't have any support or fib support, so they can get stompted to the ground (basic assumption, can be wrong).

Bitcoin community currently is in 90% driven by price. There is no merit or spirit in community anymore.
Only lambos memes, and mania driving away.
I don't celebrate it, I have one position down actually, due to my stupidity and fomo too.
I just saw what's coming after 12.9K rejection.
Supports are broken.
Alts will dominate in future, but what alts - that's the question.
BTC is obsolete, and will be dwidling with domination.
No-one want to kill bitcoin community - which for now is just a laughing stock, self-pleasing with price pumps.
If they would return, to being humble and just normal (which at best 10% is), I would conside this as a good movement for sanity.
And I'm not against bitcoin or cryptocurrencies, just against massive manipulation and massive speculation which is around today.
Anyone that don't see it, is blind, and don't want to see it. @d5000 - know what I'm doing, and how much I have done for some crypto communities.
But speculation around is scarying me.
Actually a lot of altcoin communities are healthier, because they don't have so big pressure on price, as others.
Jackson Pallmer is saying the same, and he is founder of Dogecoin.
Cursing on me, is just a syndrome of immaturity.

I was not referring to you. There are so many doomsayers now, who just look at the price and seed panic. You have very grim outlook on Bitcoin community at the moment, which is your current subjective view, probably inspired by the current price movements, and mostly by the fact you have not sold enough to feel yourself comfortable during this correction. The 'lambo' people are not the community, they are just passers not worth of much attention.

Don't panic, just watch, and don't let others manipulate you by affecting your mood. They are doing their game, let them play it, and let us be calm and positive. Be Zen, we are on the right side

An additional buy position ordered as follows and awaiting execution; i.e. identical as above:

BTC/USD (BITFINEX)
OPEN: 8600
CLOSE: 12058
STOP: 7960
RISK: 7.5%
REWARD: 40%
 

Projecting a bottom using Fibonacci extensions with Elliott Wave relationships (illustration below)...

Zone 1
@7599.0: 61.8% of entire market.
@7514.5: Intermediate-c = Intermediate-a * 1.5
@7146.7: Intermediate-c = Intermediate-a * 1.618
@7384.0: Minor-c = Minor-a * 0.5
@7411.0: Average

Zone 2
@6918.4: Major-c = Major-a * 0.786
@6623.0: Intermediate-c = Intermediate-a * 1.786
@6884.9: Minor-c = Minor-a * 0.618
@6808.8: Average

Average: 7109.9 (Bitfinex)

Fibonacci relationships between Elliott Waves remain unchanged between logarithmic and arithmetic graphs.

Ralph Nelson Elliott advised to chart in logarithmic format for long-term charts (weekly, monthly annually), and arithmetic for short-term charts (weekly, daily, hourly).

Faith...?

I'm a greedy pseudo-investor. I believe that right now we are just a bump in the early-adoption part of the graph, since crypto is still very small.

I'm worried, but am I going to sell or get "shaken out"? No. Better to work on other things while this bear market plays out. 2 years later, and maybe I'll open my wallet and find that Bitcoin is 100k.

You aren't. At least not in my terms. You see the big picture and want to invest in something new and promising, to see it grow, and to take your benefit from this growth. That makes you a genuine investor, not a pseudo one (even if you are greedy )

Touche. That's exactly what I am doing now. Stopped selling at 10k. There is a lot of things to keep myself busy, until BTC finds its way up. No need to watch those graphs all the time. One BTC = 1 BTC. Alts vs BTC is something more interesting (to me at least).

Sorry if my statements above had been offensive to you. They actually refer to the latest $-oriented investors. I have seen them a lot here locally - they don't understand anything about BTC, they don't believe in BTC being the future money, most of them are sure it is a scam/ponzi/whatever and most importantly, they don't even care if it is. They are only thinking of this as a way to make some quick $$ - buy, then dump at the peak just before the 'bubble burst'. I was referring to those people. BTC needs to shake them out, and this is the point of this correction.

@DroidR17A: +1
If one is not professional trader like the OP (who can make educated assumptions and make a lot of money during this kind of market), its better to just Keep Calm and HODL.