I'm just sitting here wondering if bitcoin is going to level off, if this 600 dollar drop is actually a good thing. Stability probably wasn't going to happen at $1200, esp. with everyone and their mother having an opinion about bitcoin's speculative properties, but if it could stabilize at something lower and gain back some credibility...
They say past is not an indicator of the future but so far bitcoin bubbles have held up pretty well with trends. Even the news trends are complete repeats of previous bubbles. It's like watching a roller coaster where people who are going downhill think they're going to crash and burn and people going uphill think they're immortal. It has stabilized ten times (pulled that number out of my hat) before, the odds are in favour its going to stabilize again. And once/if it does, it's ready to go for the next bubble. Of course, it can't keep going on like this forever, can it..? :-)