One of the big things to worry about are the n00bs that chased the price up. Suddenly they get scared and they need the money for bills. They thought they were going to get in and get rich in 2 months but then when it doesn't happen immediately they get worried and they start staying awake at night. Then they throw in the towel one by one.
We will see though.
I totally agree with you. I've talked to people on forums and reddit who are like well people bought at $100 and now its $5,000 so if I buy at $5,000 it will be $100,000 or a million.
I'll be honest even I kind of got caught up in the hypee and got used to bitcoin doing nothing but going up and maybe got a little cocky maybe got in a bit heavier than i should have etc.
i agree though the china thing is bad enough but i think the timing is really bad that were getting a lot of people getting in for their first time. they got in at high prices and also aren't used to dips and they are going to selloff making an already bad situation worse.
as for the china thing, i would rather just have china come out and say were banning bitcoin than have this uncertainty drag on