I think there are too many ICO projects.
So many ICO projects will make money more and more scattered, which will make the price of bitcoin drop continuously.
I think that is not the reason on why bitcoin price drop. More people believe to bitcoin rather than just ico so people who join in ico is just small part of the party. We must trust that ico will not impact to bitcoin. But i can say, because ico is part of the cryptocurrency, it could drop the trust to cryptocurrency include bitcoin getting low because so many projects are just scam.