I don't think it is a correction. I think it is due to the obvious limitations of the coin, victim of its own success. The coin was not prepared for mass adoption (and I say "mass adoption" but it is very far from being the case now, obviously).
Fees (in Bitcoin):
2 years ago, 25 to 30 btc a day
1 year ago, 65 to 80 btc a day,
today, 150 to 210 btc a day, that's around +600 % in 2 years, absolutely shocking. It is way too expensive.
A shame because the concept of Bitcoin is great, but it is technologically limited.
I too agree with your points. The fees has gone up to an insane level which makes conventional banking transactions look good. Bitcoin initially started as a peer to peer decentralised currency system but the fees is taking it out from the main goal of being a currency system. That is the reason why people are preferring other coins like ETH or Ripple to transact funds pushing their price to the next level. The network congestion and higher fees are the reasons of bitcoin's price dip.