The correction we are experiencing right now is necessary for bitcoin to reach $100,000.
Also, money is flowing out of crypto at the moment and no new money is coming in. If some were able to move to fiat some 3 weeks ago, they are in a good position to come back in the coming weeks.
- Big players pump Bitcoin then they cash for real money: dollars, euro, or any other fiat. That is why it drops in value, because people uses it as a speculation instrument and not a currency.
- There is no trust on it, there are hundreds of coins, why pay for something that expensive and with such high volatility ?
- At the moment, it is not good as store of value like Gold, nor it is good as a fiat currency. In fact, it is slow and you have to pay transaction fees for any transfer.
- Exchanges get hacked all the time, even when they should be technically saavy. And some of them are pure scams: http://thehill.com/policy/technology/374932-doj-sec-charge-alleged-bitcoin-scam-with-lying-fraud
- Price is driven by speculators, criminal money, market manipulation by those who hoarded coins early, and propaganda.
No new money is coming in, because it is not the same to spend 1000$ when BTC is 1$ than when it is 20K$. And because plenty of people purchased it at 19K$ and it dropped to 6K$.