Large institutional investors want in on BTC, but can't buy at $60K.  Their belief is that those who bought under $20K were radical.  Those who bought at $20K were brave, but irresponsible.  Those who bought at $40K were smart, prudent and risk adverse.  Those who bought at $60K were the average enlightened retail buyers.  Those who buy up to $100K will be considered late but prudent investors.  Those who buy over $100K will be governments, munis, pensions, ins co's and the like looking for stable returns. 

Optics require institutions to appear "smart."  With BTC in the 40K + range will allow mass adoption by institutions because they can say they bought when it was a smart and prudent time to buy.  This dip is very healthy.  Let the institutions be winners and heroes to their SH's.  Once they are all in, the compressed spring will then be allowed to launch allowing the institutions to be huge winners and heroes as it explodes over $100k.  The next compression will come when the govt, pensions and ins co's want in.  My guess is if BTC quickly shoots well above $100K it will be forced back to $100K (or even the $90k's) in order for govt's, pensions and ins co's to get in so they will look prudent and not late.  Since these will be the last large entities that need to get in, once they are in it should rise unimpeded.   This is just my theory.