Beyond the technical aspect of the bitcoin price analysis, we should also take into account the various problems that the bitcoin ecosystem is currently facing before making our predictions regarding the potential drop of bitcoin, which, if not resolved, could lead to this economic project to failure, and that would obviously mean a gradual collapse of such a magnitude that we can not yet predict.
These problems were present even before we hit $1200. The market sometimes just tends to shrug them off, thinking that given time these problems will be taken care of. Markets may not always think logically.