i have observed that now bitcoins arrogance causes its price drop
as soon as bitcoin looks too expensive, people start seeing bitcoin as some sort of arrogant cryptosect,
and the price drops, as will its popularity,
as soon as 12 000 USD are beeing reched again and people start speculating a price explosion again, bitcoin looks again arrogant for many and people will drop it
Welcome to the world of trading,there are different factors in play when the price goes up,it is not simply because that people are not doing any sort of trade during the sell off period and it is not because of arrogance,why you dare to invest in something which would make you loose money,if the market sentiment goes up,the price naturally will go up.There is a major resistance at $12 k and it might take some time to breach that resistance.
selloff period?
seriously
all that volatility earning is basically a human form of vulturism is going to backfire because those that trust in the currency and its value and provide value for it are losing wealth by those that systematically speculate with it, and cause the volatility,
bitcoin might run out of steam because of that volatility that people try to earn money with, because only speculations are currently driving the value, not its social purpose