1) basic market cycle; bitcoin exploded at the end of last year and was due for a cool down before its next leg up.
2) Shake out the new weak hands. It is a cliche saying but a ton of new money came in during the last run not knowing what they were even investing in.
3) I think on top of a healthy market cycle correction I believe the "whales" want to welcome certain Wall Streeters to the show with a classic short squeeze. Ever since CME/CBOE launched this market cycle correction has begun. More pessimistic Wall Street traders feel comfortable shorting which leads to a bigger short squeeze when the "whales" decide to move bitcoin back up.
4) The aforementioned whales. I personally believe a lot of these "whales" (big money traders) took their profits at the top to start this market cycle correction. Only makes sense to me since more money has entered the space yet has decreased substantially. I believe these whales are waiting for the right time to re-enter and once they do you will know via a huge daily green candle stick.
I think the daily 200EMA will be as low as we go before the whales step in and take this back up starting our next bull run. I have learned the 200EMA to be one of the strongest supports and I do not think they will allow this to dip enter signaling a bear market.
Lastly, I think we will look back at these January prices in a few months and kick ourselves for not buying more.