Definitely quite a drop today.

However, I doubt that it's much cause for concern. Over the past 5+ years, bitcoin has retraced over 50% several times.

And more than once, it languished at those distressed levels for several years before rebounding.

After the great run this year, apparently many people expect bitcoin to just keep climbing higher and higher. That is possible, and it would be nice, but the more likely scenario is that it fluctuates, goes thru various retracements, and it continues to rise in spurts.

So, looking at things long term, it's best to view this pull-back as just a healthy correction. I expect it'll continue it's healthy growth soon enough.