Bitcoin has had many major dips in the past. The last four largest dumps (including the current one) caused a 63% drop. 2 out of 3 represented the long term bottom. The one that ended in Feb 2018 was followed by 95% gain before the long term bear continued.
https://www.tradingview.com/chart/3ae64DHr/
Comment:
This turned out to be pretty much correct.