Old mentality: I have got to buy, the price is going up. I will not sell at $1200, bitcoins will be worth millions.
New mentality: I have got to sell, the price is going down. Why would I hold, I might lose everything.
Old one: Look at these cheap coins ($550 vs $1200) BUY!
New one: Look at these expensive coins. Now they are $550, in 2010 they were only a few cents. SELL!
Old one: I am investing in disruptive technology.
New one: I got scammed!
Lots of people have been burnt buying at 1200, and they want to get out. Many early adopters will try to cash in their fortunes.
Fear will replace greed. Reality will replace delusion.
Look out below.
Bitcoin below 10 dollars in 2014.