I remember those days like it was only yesterday. I'm surprised it's been a year. I think it's normal to drop. The value of bitcoin could not be expected to increase continuously. After each value increase, there will be a decrease. But such a drop came as a surprise, since everyone thought that bitcoin would reach the value of 100,000 dollars. The value of bitcoin will remain at the 20,000 dollars levels for a while longer. I don't think there will be a rise for at least another year.
Currently the bitcoin price is starting to strengthen above $20,000 and this proves that BTC is still strong enough to survive and continue its journey. When bitcoin hit ATH to $64,000 I expected the market to drop soon, but this year's decline was a pretty strong drop and crashed to hit the $17,000 support. It will take some time to hit the new ATH again, but Bitcoin will definitely hit it, now is a good time to buy and hold it for the long term.
Huge drop indeed, but Bitcoin remains at the level where it left off from its past ATH for 1 year. That alone indicates that Bitcoin is in no doubt gonna bounce back stronger. It will definitely hit a new ATH, it might hit the 6 digit figure as well.
Bitcoin is most likely going to have another run late in 2023 or somewhere mid 2024 or after the Bitcoin halving. The 4 year cycle will break the bear.