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What were the reasons behind Bitcoin fall from its peak of US$20K to US$6.5K?

If you go by the laws of the Elliot waves then it works on fear and greed all human traits. It looks like lots of investors got their fingers burnt trying to be greedy and were left holding the bag. The smart investors get in around about now and bail at a point they are happy with. The amateurs climb in later and it is too late.

The  sellers who try and sell when the coin is dropping have  a tough time s it drops so fast you can't catch it up. The same a s when you try and but it literally is a rocket ship. I think lessons have been learnt by some but I can see the same thing repeating itself again later this year.