This very well could go to $1 someday, but I suspect it would reverse split before it does. It is a 3X leverage ETF that will lose money over time due to rolls, fees, etc. It's not designed to buy and hold. I don't expect that to happen, however for a year or more. My next target to sell a lot is $4.20 to $4.40.
While you are waiting for something that won't happen, you have missed a good opportunity to trade.