There's always a pull-back after each hike in bitcoin price, which to me suggests that Crypto market is not all crazy traders trying to cash in on the hype. Crypto world is mainly dominated by sane minded technical people & they know how much bitcoin is going to help change people's lives in the future. And that's why they're holding the cryptos for long term and that's what's not letting a bubble to be formed.
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Thanks for bringing in some reason.