According to Milk Road, Bitcoin's current price dip is attributed to the market eliminating investors with low conviction, as stated by Mampilly. This cleansing process might drive Bitcoin's price down to $77K before it reaches a new all-time high. Such market corrections are seen as opportunities for long-term investors to accumulate more Bitcoin at lower prices. Mampilly emphasizes that understanding market psychology is crucial for traders to navigate these volatile periods effectively.