So it is the Holiday season and it was Xmas. How many people dived into their Bitcoin hoard to buy Xmas gifts and also paid for a nice holiday with their family?
We saw a huge increase in the price, early in the season and this might have triggered a situation where people rewarded themselves with some "Gifts" for the holiday season.
The direct impact of that would have been a higher influx of coins onto the exchanges and if that was not met with a higher demand for coins, then it would explain the drop in the price.
Did you splash out with some expensive gifts and extravagant holidays with your bitcoins, during the holiday season?
Some people would probably convert some of their bitcoin because of the holiday. However, maybe the real reason why bitcoin drops is that some people panic whenever price drops, and it goes on with some people.
the first thing to take into account is the fact that the price was due to the fact that at the end of 2017, Bitcoin fork was planned to be quite large and this served to increase the demand for crypto currency. Perhaps if such plans are in the future, then huge growth is also not ruled out.