Bitcoin was trading at $3,000 USD not even a year ago, we're still way more than 100% up on the year, so I would say this is just a small correction that was to be expected.
If we drop further and further, then we should be wary that we could be going in to a bear cycle.
This is exactly it. Dropping further and further before the halving? Heh, that would only trigger a crazy pump that would need to correct afterwards. But no, the pressure from the bulls is there, halving is coming. After, yes, bear cycle probably.