Panic selling is not just characteristic of Bitcoin. After gold's exponential rise into 2011, it crashed 46%. You think gold lacks institutional support?
I was mostly referring to the likelihood of it happening, considering how much more volatile Bitcoin can be than gold. You raise a good point though. Now that we've climbed from ~$17k to ~$18k in 12-ish hours, I'm definitely expecting a sizable correction -- I just hope it happens sooner rather than later lol.
The way I see it, there's going to be painful corrections all the way up. And the more exponential the upside becomes, the deeper the corrections (in % terms) will be. Good examples would be the $3,000-$1,800 (June-July) and $5,000-$3,000 (September) pullbacks in 2017. A lot of people probably don't realize that a similar pullback now would put us in the low $11,000s or upper $10,000s.
With great volatility comes great pain.