With such a massive bullrush through 2017 a pull back was expected. bitcoin needed to consolidate and its good for the market everyone points out saying OMG it did a 50% pullback thats unheard of. But you have to put it in perspective. Yes 50% is massive if you only have a 10% yearly gain but when you go up 3000% then 50% isnt so bad its actually pretty small
I have the following theory for this:
https://steemit.com/bitcoin/@lets.talk.about/the-truth-about-the-bitcoin-price-who-is-behind-it-and-how-does-it-continue
I agree and with so many of those bulls being newbies it just adds to the volatility mainly from panic selling. A lot of people went into bitcoin without even knowing what they're buying.