I wonder if the biggest reason for this volatility is the liquidity in the market. Thus once the sellers or buyers start dwindling on one side, one side takes control and because the lack of buyers/sellers, they push it far in one direction. In the crypto markets, we don't exactly have market makers so it tends to swing in both directions really far.
Although long term, bitcoin will rise because the amount of bitcoin is limited and some have been lost or stored away.
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