Bitcoin corrected every year in January. As I wrote before, I am still bullish on bitcoin and crypto in general in the long term time. I think that short corrections prevent bubbles, by shaking off weak hands and solidifying the market. Given sufficient demand for cryptocurrencies from the global market, the market will recover.

I only have short term fears about the market for the next weeks, because:

There has been big announcements around cryptocurrency legislation among many countries

Disagreements in Russian government over crypto regulations  

South Korea bans foreigners (which were making huge gains with high spread)

North Korean continue to hack south Korean exchanges:

Indian banks blocked customer access to cryptocurrencies