It's a lot easier to recover when a recovery mechanism is built in - aka the halving. We're a solid year and a half away from that event happening, it'll go lower than this in that time but once the new supply restricts it'll make its slow ascent back up, people will see the opportunity and the demand will skyrocket again.
I say this a lot, it's helpful to think of bitcoin as an algorithm, I just see this pattern playing out the same way over and over and over again every four years.
The interesting thing is is that bitcoin enthusiasts tend to buy a fairly steady supply over time, this is what's maintaining the current price. Eventually demand will starts to wane off after a big run up but the core people are still buying in steady amounts, then once the halving comes and the demand stays relatively steady you start to see the price trend up, this draws in new interest and runs the price up even more, then you have all the rest of the people who are tuned out and they come rushing in and you have full blown FOMO, all the people who've been buying steadily begin to cash out and the price drops off.
It's happened before and it'll happen again like clockwork and that's because bitcoin is just an algorithm.
I say this a lot, it's helpful to think of bitcoin as an algorithm, I just see this pattern playing out the same way over and over and over again every four years.