Market structure was broken
It's a fact that the $6.000 level was a key support for Bitcoin. Yet the support was broken due a lack of conviction at the bull side. This however has major consequenses for the crypto market. We have seen alot of panic selling going on eversince we broke the $6000 dolar and every bullish momentum has been rejected as if it was nothing.
A psychological change
You may or may not have realised it but psychologically something has changed in the market. The 6.000 level was so important, the speculators probably didn't think it would actually happen and didn't calculate their risk. Now the majority is stuck in thoughts such as "im in a huge loss, but it will maybe correct up" But that's everybody's thought at the moment because there is huge panic selling going on right now. It's likely it will continue to much lower lows such as the $3500 level and it's insane the 4500 was reached so fast already.
A bearmarket
Price has dropped 30% from the point Bitcoin started to drop significantly and can be called a crash since it has surpassed the 20%. Not only that but price has surpassed the mother of all supports and is now below the 21EMA on the monthly timeframe.
Don't try to gues a bottom and buy in low. We don't know how low this can go. The only thing we do know is that when we first thought 4 people of the 10 were bearish on Bitcoin it's now 9 out of 10.