A massive correction was needed after the astronomic rises at the end of the year.
People shouldn't panic too much, especially if they are not in the red. Price will recover, it always does. This time, there is also more and more money flowing in then ever. Coins are changing hands again, weak holders are out and getting ready to buy again at a loss when the prices recover.
A market correction is a normal part of a healthy market. People might panic because of this. But then, we can overcome this bear market. Short trading is hard but if you knew where to enter, you can still get profit even in a bear market.