I think people have a tendency to value “something” relatively based on how best it performed the previous time. It clearly misses fundamentals. Bitcoin at 20k usd was pure speculative price. Now, since more and more people are investing in bitcoin and also institutions are planning to trade futures (BAKKT), the price is adjusting to fundamentals and not pure speculation. The volatility will dry down for good which in turn get more people to invest in bitcoins. I always believed that bitcoin at current halving period doesn’t justify the current price. I think the drop is justified and more matured price action can be seen in the near future.