I think at this time, it's very impossible for that to happen. Right now, the lowest price that bitcoin has drop is $1000 based on its chart. If I were you, buy bitcoin now because its value will be double or tripled sooner.
I couldnt aggree more. The vlue of Bitcoin will surely only go up! that said, the best time to jump aboard the Bitcoin boat is now. too much has been invested into this industry for the price to go down anytime soon.
I don't think that this is the best time to Buy Bitcoin because with its current price point which is 1224$ you are leaving no space for your own safety when the price goes down meaning you are giving yourself on a position with a higher risk. So if I were you I would wait and monitor the price until its next drop because it is possible that it again drop on price lets say maybe 1000$ or below. Buy buying on that price range you know that you have positioned yourself on a good spot having a margin of safety in which if it drops from 1224$ you won't be affected as you have bought it at a much lower price
You may never know if the price is actually going to correct
For example, when the price first jumped over measly (as it looks today) 800 dollars per coin (after 2013), plenty of people expected it to correct soon but it didn't correct (if we can call that correction at all) until it reached over 1,100 dollars (I refer to a flash crash down to 750 dollars). As to me, if BTC over BTU debate gets resolved soon and SegWit becomes a new reality (with Lightning Network sitting just around the corner), we may see a huge spike in price. In other words, if you don't want to risk much, just buy small, and if the price goes lower buy more. But if the price goes higher (and a lot higher at that), you have been warned