Bitcon has now been debunked.

[shoeshineBro]

A]  Price action has been about speculation.  (Buy it, because it only goes up)
B]  It is a currency that will replace other currencies.

A is now negated since it has dropped almost 40% from its high.
So, mania "free money, going to infinity" credibility is now tarnished.
For the first time, there is real risk.  (Anyone buying last week just lost 40% this week)
So, the flood of new money will now be checked.  You'll think twice before tapping a HELOC for Bitcon.

B is negated since Bitcon is literally unusable as a currency: 
10 hours settlement time and $50 transaction fee.
No one is using Bitcon to buy anything, especially the early adopters.
So, it is not a currency.

Nothing goes straight up or down in a straight line,
so I expect Bitcon to bounce up from this sharp selloff (dead cat bounce?)

[MiningSensei]

And who told you that? Probably you heard those words coming from the mouth of a grandmother and you are believing on them. Came on, dont be so fool.

If it will replace dollar, it wont be Bitcoin, it would be another crypto created from them.-

A]  Price action has been about speculation.  (Buy it, because it only goes up)
B]  It is a currency that will replace other currencies.

That is not something new, we have seen drops for more than 30 - 35 percent from the all time high, and it is always recovering, in fact, the price is still very expensive at the moment $13,9k.

A is now negated since it has dropped almost 40% from its high.
So, mania "free money, going to infinity" credibility is now tarnished.

If you think that the price will always be stable or high, then i suggest you to sell all your btcs (if you have)