With the recent big run of Bitcoin, it's drawn in a lot of mainstream media attention, and therefore a lot of new money. The thing with new money is that it's often invested without any form of research being carried out. That makes it very easy for the old-timers to manipulate these new hands into behaving how they want them to behave. A domino effect of this is seen in panic selling.
Still, I think this correction is due, and it will be interesting to see what happens over the next few weeks.