As price goes down, even if the amount in USDs or CNY keeps the same, the number of bitcoins traded will go up.
That means that there will be hundreds of thousands of bitcoins bought between 450 and 200/100. Most of those buyers will dump them if certain support lines are breached (and that is a rational behavior, if they have the guts to buy again below).
And yes, many people that bought at 1200, 1000, etc., would dump like if there was no tomorrow for bitcoin at 100 and, especially, at 84, if the infamous price of the silk road crash of 2/10/2013 is breached. I'm not expecting these prices, but if we went there, we would see what is real panic. Actually, we will see it below 340-318.
And that will be easy to check, taking in account the days destroyed:
https://blockchain.info/charts/bitcoin-days-destroyed In this chart, we can see that many smart old traders sold in January, February and March. Since them, the less smart have been holding. But I can bet that if btc breaches the 440, and then the 340/318, we'll see a jump again in days destroyed.
A bear market is even worst than a zero sum game. The profit of one has necessarily to be made at the expenses of others. And fear, much more than greed, is the major redistributor of wealth on the trading markets.
Remember this thread, if you start dumping yours like crazy.
