I don't think it's weird, this market cycle has shown significant difference from previous ones and as such we cannot use past experience to predict the future market action. We may yet also be at the bottom of the bull run and could reach far greater amounts next year, so it might be early to expect a correction.

A price correction is sort of a retraction. When the price of an asset gets overly inflated due to hype and fomo, it could surpass its support range and basically be floating, this can be called a bubble. The process of this bubble bursting is a correction. The price returns to sustainable levels after reaching a peak.