I believe the correction is now coming to an end with a buying opportunity in the near future. While it is completely possible to drop to 5k to complete the pattern, the landscape of crypto is no longer as weak as it once was. Large entities will buy and support the price.
In terms of psychology of the mass, people are fearful, especially those who bought without understanding what they got themselves into. The weak hands are mostly out with one final push, we can finally continue the bull run.