Sure it's bearish.
Unless you're trying to tell that a short term drop of 50% is inconsequent.
I'm telling that after such insane growth a deep correction is needed. Infrastructure is not good enough to support that kind of growth. There are things that have to be built, step by step to reach broader usage and thus new levels of growth.
Therefore, cheaper coins than $120 are expected. But in the big picture things are happening for Bitcoin, CEOs are looking at it, the business world is extremely curious about it. Bitcoin entrepreneurs as Bitpay's CEO go to extremely relevant business gatherings (Leweb 13 London, today, for example) and their talks are the most crowded ones.
Bitcoin will grow, year after year, but this has to be a longish game for a real win. And important things need to happen.
We're headed in the right direction.