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
someone else expects the same?
regards
I believe its not all about bitcoin arrogance. Well, most of people knew that bitcoin is quite speculative and its natural for them to sell their bitcoins at those prices because it will give them profits. The speculative nature of bitcoin gives too much volatility unto it because most of the people who buy bitcoins are investors and traders that is why the price is fluctuating too much and what you said should be expected.