We saw the past from $10 to 60k is going up and up. So it sure it will reach $500k next destination.
But why the hell people panic sell now after it reach this high amount?
Do people really still think it goes to 0?
There soulnd't be any sale presure given the history that we see Bitcoin only going up in value
I think people panic sell because they feel the benefits of seeing their investment succeed do not outweigh their perceived negative consequences of a loss.
For example, behavioral economists have observed that people are naturally loss averse. They like winning but they hate losing more.
Therefore, people sell because at the end of the day they are committed to avoid losing than to actually winning