We already hit $376. It's been dropping in a step-like pattern for a few days, which I always see as a sign of continued downfall. Where exactly do you think it's going? Stay in fiat until it starts rising again - there's plenty of time to buy back in.
This. Although, I don't think we will see a 2-handle so you might have already weathered the worst of it.
It is possible that we spike back up to the $500 range in about the same timeframe it took us to get from $480 to $380 (only a couple days). It's kind of like what happened to Litecoin a few weeks ago - it dropped from over $5 to $3.50 in the same exact pattern that Bitcoin is following now, then spiked back up to nearly $6. I had a very large short position (too large for the exchange I was on, to tell you the truth - I was chasing sell orders trying to get out for hours and would have been able to get out still in the green if my position wasn't so overly large) on Litecoin at that time and went from +$4,000 at $3.50 to -$2,000 in half a day when I closed my short to prevent further losses, which sucked. I still think the only place Litecoin is going is $0, though. That short-term rise was really just caused by a few crazy Chinese whales and it looks like it's back in the toilet bowl now.
Alternatively, we may float in the $300-$400 range for awhile. I would agree that the large sell-offs for this week are over and I feel like this range is the new normal. We went from $650 being the norm, then to $500, and now all the way down to $400. I say we stick around here for a bit, then either have another crash in mid-October to the $200s or rise up to $700 again and beyond. If Bitcoin breaks out this winter, I expect it to follow the pattern it did in early January of this year - it rose from $450 to $700, and then started zooming up to $1,000. The only difference is that it will keep going if things are really looking strong. I think both $200 and $2,000 is more likely than $800 come January 1st - Bitcoin just doesn't have small and reasonable price changes.
My call? Stay in fiat for now. If another bull market starts (which we haven't had since 2013, in my opinion - even the January rise was really just hopeful speculators who weren't ready yet to accept the bear market), them get the hell in BTC. The market cap is only like $5.5B right now, which is really nothing for an economy this large and with plenty of growth potential. $5.5B doesn't seem like very much when you consider that companies like WhatsApp sell for $19B and Uber has a $10B+ valuation.
