Im quite certain it will still go down though. My target will be 11.20$.
I know I'm only new around here, but what I don't understand is why everyone decides to dump at the same time?? There are still plenty of people ready to buy judging by how quickly the price returned to $12. Dumping 5000 coins at $11 gets US$10,000 more than dumping at $13 so why not just stick it out until the price recovers a bit then sell? Or is it desperation and they feel they have to get out immediately? It's like this bearish sentiment is a self-fulfilling prophesy. Maybe I'm just naive....
This! ...and ,It's all a psychological effect, induced by moving prices! No one likes to see their asset losing value. Corrections could take weeks or months! Have you ever hemorrhaged money for a month? Most have their price, where they would rather take the loss and GTFO. I'd imagine Bears would be earlier, while Bulls hold out a little longer (kinda like what's going on now :J) It's almost manic!
The first ones out buy the last ones coins. The last ones out are stuck with the dollar bag. Some people, me included, Flip quick! Once I'm out, the price can't go low enough.
Why buy, when you can buy cheaper tomorrow? People start asking "How low?", "Where's the bottom?" Aw, you blinked and missed it!
Then it starts recovering! The USD bag holders are getting left behind!! Oh no! Adam shouts. NOT AGAIN!!!11! Then you have a rally. Things look good! You start thinking the price will go up FOREVER!
Then at the height of the euphoria... Queue the 40k bomb on yo asses!
TL;DR: It's a vicious cycle controlled by greed!