I share your point of view with regard to putting into proper perspective the current dip in the Bitcoin price series .
However, in the course of trading currencies and stocks over a period of nine years, I have come to see that the view that the price of a financial asset is a Markov Process is surprisingly valid just like the weak form of the Efficient Market Hypothesis.
The long-term outlook for Bitcoin is quite bullish, but no one knows how far the current correction will go - or even whether the correction will snowball into a trend reversal. Through my analysis, I have determined that as long as price remains above $8500, it is still a bullish market.
Already, I am beginning to see the signs of a trend continuation to the upside.