People who knew about bitcoins before April strongly believe in it.
However they are the ones who would actually sell low, because
they bought it for cheap and they will be making around 10x profit.
Now the people who found out about it after the price hit 300,
they dont believe in it as much. But if they bought they would hold.
Now when the price hit 1200, the early adopters got happy and started
selling. Selling increases supply making prices go down
When other people saw the price going down, they instantly thought it
was a bubble, or bitcoin was crashing. So they sold too, and sold cheap
So simply put, (this may sound stupid), the faster the price of bitcoins
goes up, the higher it will go. The faster it goes down, the lower it will go.
What do you think?
