As said nothing is wrong with bitcoin, it gives the best profit based on the technology supporting it along with the acceptance. These day price drop has took place as the technology updating happened unexpected. For this we cannot deny bitcoin is a failure. The more we believe the more will be the profit earned.
We can't base bitcoin's success solely on its price. Besides, it didn't go back to $1. It just decreased significantly in such short period of time. But that doesn't mean that bitcoin is a failure. If you want, you can buy tons of bitcoins so you can join the resistance when the price of bitcoin is decreasing.
Bitcoin will always decrease from time to time. Sometimes it's much more significant than the previous dump but that doesn't mean that bitcoin is a failed project. It's just a normal thing with a market and volatility like this.