Bitcoin is down a possible explanation

I had some thoughts today what is happening with Bitcoin. From my perspective what is going on is mainly this: some people held large amounts of Bitcoin for a long time are now cashing in because the market is big enough that their selling doesn't fully collapse it and there are enough players in the market to buy it. There are some multi millionaires and billionaires emerging with it if you look into it.

What do you think about this?