Something which should be stressed upon and noted: this sharp pullback in Bitcoin and most other coins/tokens isn't a surprise or shock to many people. Especially to those who had been in the market for at least a few months, before the recent bull run.

We had mostly expected this to happen. Especially after how Bitcoin had shot up from $6,000; broke past the psychologically critical barrier of $10,000 AND went up further to almost touching $20,000. It was well due for a price correction.

And how about the alts, when major coins with very big capitalisations like ETH, Litecoin, Ripple, QTUM etc. had added at least 100% (which is `modest' as compared to several hundred percent).

The market was bound to correct... and that's what it is doing right now.

My point is this: since most people had expected this, they aren't shell-shocked and in a daze. Yes, some are - the newcomers who had only just entered the market when it was near the recent peak. However, by and large, many were fairly well-prepared in the sense that they had no illusions as to the market defying gravity by not stopping.

It's in how they respond after this that will be more interesting. My bet is that they will jump back in once they reasonably believe strong support has been established for Bitcoin. With this new support base, it is likely the $20,000 will be challenged early next year.

This is assuming the support of around $12,000 holds, of course. If it doesn't, then right now will be remembered as the moment when the bubble finally burst.