For the last 4 months there's been a lot of FUD and a lot of people stopped believing in the better future. What happened to bitcoin, when it went down from $20k to $6k seemed unique and frightening. And yet it isn't. During November 2013 bitcoin went extremely up in terms of the price and topped at about $1.2k. However, 2014 wasn't a good year for bitcoin, because it dropped from that high price down to $250 at the beginning of 2015, so I might've looked back than that bitcoin would never be great again.
But as we all know not only bitcoin recover (it took the coin another year to do that), but it also went up 20x since then. This year we have another very similar price drop. The only difference is that the market capitalization is a lot bigger and that lots of people care about what is happening with bitcoin nowadays.
So we really should not be afraid so much, since we have a historical example of bitcoin getting out of a similar situation before.
I've got to agree that the "correction" is not unique, but there's nothing more frightening than losing 60% of your investment within months. This is the way Bitcoin saying "hello" to new adopters haha. There's no reason to believe that Bitcoin will recover and make new ATH like it did in 2013-2017. It's just another hopium people used to ease with their losses. 2017 ATH was fueled by futures hype, the market was going crazy because of it. Today the futures market are still there, yet the price is back to $6K range. If there's any, what kind of development could bring Bitcoin back to $20K? I just can't think any. Maybe this is the fair price for Bitcoin.