These answers are disingenuous. Yes, in terms of percentage the price would need to approximately halve once again to equal the drop in 2011 but the total value (in dollar terms) of the Bitcoin economy was a fraction of what it is now.

People are hurting big time now because something like 3.5 billion dollars of purchasing power has evaporated over the last year.

Nothing like that has ever happened before with Bitcoin. So no, it has never been worse.