I think part of the move is people who thought they could "trade the chinese". I.e Sell them bitcoins and buyback later at lower price. Now they have lost their coins or will have to buy them back much higher.
It's impossible to predict if the price will crash and at what point. Next two days will be interresting because of the Senate hearings. Could be panic time for weak hands or explosion higher if there is any hint on positive regulation.
Still, there's sympathy for BCOIN among regulatory agencies, apparently: http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html If they demonstrate before the Senate DHS Committee, further upside could be considerable. No position or interest in entering one here: just an interested observer.