I would say its a correction which usually happens before a huge pump and thats what I feel. Bitcoin's price might have another ATH above 70K by end of this month November 21 and 75k to 80k by end of December 21. The play from whales is in place and yes another reason is, the number of investors have come into crypto currencies. Seeing this, I believe, Bitcoin is moving to next milestone and yes an year by now, we could see the unexpected thrust for Bitcoin and other cyrpto currencies.
October wasn't a "correction" that was a huge increase that was literally 2x and then some. This latest one was a correction and we are going to have a lot more corrections along the way. Correction sometimes happens in reverse as well, like how when we are going up so much the price drops a bit and then continues to go up, same could be this one as well.
So all in all I would say that the direction seems to be bearish for now. I am not saying that it will keep going down, who knows what bitcoin or any crypto will do, it is something that is dangerous to try to predict. Long term holders like me do not care about it because we feel like up or down is unpredictable and hard to trade accordingly, whereas long term is always better. During periods like this, I always suggest people to start thinking in more long term situations, that would be a lot better.