There is no random walk in the bitcoin cycle. In many respects, it's really rather predictable. For over ten years, the price of Bitcoin has been in a bubble, and it seems that the bubble will soon pop once again.
This conclusion is the result of many factors:
An abrupt increase in trade volume was the cause of the most recent collapse. Trades sell their coins to offset their losses as the price drops, which drives down the price even more. This may be seen as a vicious cycle in which traders are compelled to sell more coins than they initially purchased in order to offset their losses, which leaves them more exposed to further price declines.
The current meltdown was brought on by a sharp increase in trade volume and conjecture over rules and their implementation by organizations like Fidelity Investments and Goldman Sachs. These statements contributed to the panic selling trend and led many to believe that prices would continue to decline, which is why they were so unexpected.
Since 2012, Bitcoin has grown at an exponential rate; however, this growth curve has been slowing down and eventually nearing its limit, meaning there is no more space for expansion. This last occurred shortly after the 2013 Mt. Gox incident.