Bitcoin is $ 8,000 right now and I don't think it's cheap, it's possible that Bitcoin will go down again because people who make a profit from Bitcoin will sell their bitcoins. In this case, you need to wait a bit longer to buy Bitcoin.
That is what is currently happening in the market right now and people should wait until the market pull back a little before buying again. It is like bitcoin is at the over bought area and that is why it could not gather strong momentum to break $8500 last week.
Bitcoin not able to break $8,500 doesn't really mean it is at the area of over bought in my opinion. Buying Bitcoin at the moment is not a bad advise because there is tendency that its market value will in know time skyrocket to the moon and who knows how long will that last before any small correction will take place.