Was this predicted?
Nobody can correctly predict why a movement may take place in the market but they can speculate and predict a possible movement. If someone could predict it correctly then they would unfairly manipulate the market.
and if so why,
Prices drop when people sell. What the reason behind is being said to be a premunition to the bakkt futures trading opening up but I would take that with a grain of salt and watch what actually unfolds.
will the price eventually bounce back up?
Every pump is followed by a dump and vice versa. I have been watching the markets for the last 5-6 and this is very common to happen. This is the time of panic and possibly panic selling too. But the wise traders would wait it out and buy at the bottom if they have cash at hand provided they have utmost firm belief in the reason behind the selloff.