Clearly a correction was necessary because bitcoin's price went up too high and too fast. People still panic however I think mostly because they don't know where the bottom will be, if its above 10k then people will forget this dip as all the others before it but if it somehow happened to drop below 5k then it would be a real issue. Yes it would still be up on the year but the vast majority of people bought their bitcoins in the last 2-3 months.