From how I see it the only way for cryptocurrency is up in the long term. At this moment there is news about the Segwit2x which is a major event scheduled for Aug 1 that will determine if bitcoin will split into 2 different currencies similar to what happened with Ethereum and Ethereum Classic. I think the initiator of the downward flop is because bitcoin.org suggested to all bitcoin users to sell off bitcoin or store it in an offline wallet until the results Segwit2x are clear.

I'm my opinion, it doesn't really matter whether or not bitcoin splits or not. With the growing popularity of bitcoin, it will continue to rise no matter what. So at the moment it is a great buying opportunity.