Bitcoin is presently around $7166 against $20000 in December 2017. The reason for this dip could be attributed to the facts below:
- majority of folks that bought in December/January don't even know what bitcoin is
- majority of folks that bought in December/January wanted to "get rich short"
- majority of people who bought in December/January don't believe in bitcoin
- they sell when price is going down and have very susceptible fingers
- bitcoin is going down, everything else is going down
- this selloff is the result of these people being shaken out
So, if you are bitcoin trader, hold your bitcoin, don’t dump it.