But why the hell people panic sell now after it reach this high amount?
Do people really still think it goes to 0?
There are a huge number of people in the world who bought bitcoins in 2018 and failed when the rate fell. Moreover, he fell much more than they expected. Perhaps they think the next fall is coming soon ...
There are still many people who continue to compare the increase this year with what happened in 2017, as well as when the Bitcoin price
suddenly dumped. Many people end up comparing what happened in 2018, which is why the current Bitcoin price has dropped below $ 50k.
Quite a number of people panic selling, they are afraid that the events of 2018 will happen again, when at that time Bitcoin fell very deeply.
Even though if we do research and analysis properly, we should be aware that the events in 2018 are very different from today's events.
Moreover, this year there are several institutions that are still holding Bitcoin, the price of Bitcoin shouldn't go down too far. I am sure the Bitcoin
price will recover very soon in the next few days, and the Bitcoin price will again rise above the $ 50k price tag.
Considering relative price movements I can understand the panic because if the price falls a lot there is also more money needed to bring it back to where it was. Yes there are more players involved now but it is still all relative. Bringing it back to $60k isn't just guaranteed to be happening within no time. It is a more difficult decision to get into Bitcoin today than it was in 2017 when it was relatively cheap and it felt like there was a lot of potential.