I think when people start to lose money after big drops, they will be more doubtful about next time and when that happens more and more often, they will completely lose faith in the market and that it isn't as easy as it used to be (April-June) and they will just pull their money out and leave it out.
When that happens, iti will slowly snowball and the lack of demand could cause it to collapse. Just look at the below to gauge people's mentality:
(20min delay)