The price drop that occured is definitely correlated to Elon Musk's removing of bitcoin as a mode of payment in Tesla. He has a huge influence to investors considering that he is a billionaire that's why the price of bitcoin was hardly affected by his decision. He is currently supporting dogecoin and no one knows yet what is his plan with it. So far, bitcoin's price has finally recovered and at almost $50k once again. Bitcoin is a strong currency that's why we should never give up on whenever it experiences a struggle, just like what it always does, it will soon recover and exceed more ATH in the future.
That drop was something special. I mean I am not saying that drops are good, but I feel like people ended up buying because of tesla news and sold because of tesla news and that increase back in the day was now negated by the decrease today. It is not really that bad, we are still at 50k+ right now and that is cool, corrections are a big part of bitcoin these days, we dropped from 64k to under 50k very recently and still managed to go over 58k after that, now we are down to 50k again but I am sure we will have a moment where we will move beyond 60k once again.
These types of falls are only hurting two people; first is the person who has a long futures with a high leverage (well even low leverage because of how much it dropped) their position will be liquidated for sure, and secondly people who panic sell and get out thinking it will crash, when in fact it recovers. Nobody else gets hurt from corrections.