Bitcoin has broken support at 8000 once again this morning, and is heading down towards the 7000 mark currently.
By looking at the chart, you can see that the price is starting to crossover the down trending support line. As this occurs, we are also approaching the 78% fib level.
If this does happen, I just expect this to be a just quick flush of panic sellers. The price will most likely reclaim our descending/falling wedge pattern with no problem.
In terms of how many more lower lows we will have, I do think that this low of 7000 could be the last low before bouncing to resistance and going to the apex. When we hit the apex at around 5000, I am expecting a huge flush of panic selling when the time comes, and then again, a push up back to the 5000 level.
Otherwise, if we break 5000 and consolidate at the 4000's for a while, there is a high possibility that we can see a bear market for the next year, but I honestly think that this is very unlikely.
Conclusion: As the price of Bitcoin approaches the end of this wedge, there will not be that many weak hands left. In my opinion, a correction like this is very healthy. Those who have the patience will be dollar-cost averaging, and will not be phased by last remaining push by weak hands to a even lower price level.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)