BTC hasn't seriously corrected since around 3k (maybe 5k?). The gains have been too much too fast. Other valuable cryptos have been dragged down and are sitting at an undervalued ratio to BTC. The Tether situation looks like it could blow up any minute. There are now numerous versions of BTC cluttering the top ten market cap list and there entire Bitcoin space feels like a manipulated scam.
The market may currently be irrational, but it cannot be irrational forever. Better tech will eventually win the day. Right now crypto is a speculative investment and the investors are counting on two things: scarcity and utility. And utility is where BTC fails.
In order for BTC to have value, it must be used by a large number of people transacting value over the network. If BTC can't attract lots of users, it will implode. It needs to be able to be used by Amazon, Walmart, your local Chinese takeout, you need to be able to use it to pay your electric bills. That's what Wall Street is counting on; they don't need a store of value.
I'm not a huge believer in the Operation Dragonslayer type flippening. It could happen, but it's not going to be an over-night event. I think that sounds a bit far-fetched, but I have to admit that there are people out there with deep wallets who are heavily invested in Bitcoin who really understand the tech, and who are very concerned that Bitcoin Core will implode very soon and that there must be a safety net for Bitcoin. That's what I believe Bitcoin Cash is; usable currency that preserves value through it's utility.
I think there will be some dark times ahead. Some people will lose their shirts (especially newer investors). But I think Bitcoin will come out of it as resilient as ever.