I think bitcoin is still possible to go down to the $20K level in the future, but not for now. Price increase are still possible at this time even though the market appears to be experiencing a correction. There is still a lot of support from institutional investor at the moment and therefore I don't think bitcoin price will drop below $40K any time soon. Some information says that Tesla sold some of the bitcoin they owned between January and the end of March and those are some of the reason why the correction occurred. I believe only big sale will bring bitcoin down to $20K.
Any possibilities are possible in bitcoin or in cryptocurrency due for being a volatile of a market. The thought that the bitcoin price may drop down to $20000 is possible however it may take time to happen this way again.
What I mean was the crypto market now has already a huge investors in the community and this investors are one of the reason for being the strong resistance of any crypto happen.