The whole cryptosphere has grown from 16 billion at the beginning of last year, to flirting with fractions of a trillion dollars the beginning of this year.
A market does not facilitate the majority of people to become rich and realise it. It is therefore the natural order of things to expect a "reversion to mean" and I believe we are in that process now.
The market maker(s) are incredibly patient and will happily spend months re accumulating their postion. Given the marginal cost of Bitcoin is some 50% below current spot prices, we have some room to go.
This reversion to the mean does not reflect a dying market or the end of Bitcoin which the media will try very hard to lead everyone into believing. At the end of the day, the ones that truly believe in the tech and fundamental purpose of crypto, (not just Bitcoin) will survive the shakeout. The rest will capitulate and go back to buying lottery tickets, gambling at casinos, chasing the next opportunity for some quick flips and sell off and leave.
This is how the next cycle can begin. The price charts embody this information and that is why people study it. Semantics need to be derived through contextual extraction of market sentiment as well as significant events driving externalities in the space.