Earlier today, Bitcoin price was close $3000 and reached $3000 in some exchanges, and it's now dropping. This is not good. For how long is going to keep on doing this? But I know it's a good thing for those who are willing to buy their first BTC. Hopefully they just can't wait until it reaches the $1500 mark.
It's all fine when the price goes up with a few hundred bucks in a short time, but if the price goes down a few hundred bucks, it has become a problem suddenly? 10% drops are a frequent occurrence in current market circumstances, nothing to weird or special here. You can't expect all people to firmly hold their coins without cashing out a small portion of their coins at current levels. Bitcoin for most people is an investment tool after all...
?Maybe this is some correction again that we are seeing. That is what I afraid of before. People has the tendency to sell when $3000 barrier is reached. I see that it was break in few exchanges, so maybe casual investors just decided to dump their coins. But I think there will be some resistance and I think the price could hold around $2500-$2600. And gradually rise again in the next weeks to reached the mental barrier that is $3000. I hope this dumping is short lived just like the previous crash in May. We will see.