This is a bit more than a blip. It's a crash. This makes sense considering the huge November-December rally which inflated the price above what it should naturally be. This crash isn't quite a price correction, but the result of this crash will most likely be a correction above the floor and below where it was over December and January.

Someone with better analysis skills than I should form a strong estimate of where exactly the floor will be. If we know the floor we can make some estimates of where the price will be corrected to.