I think most people who "invest" in bitcoin don't have a scooby what they are investing in. If they were genuinely investing in this known volatile digital commodity, they would not care too much if they missed getting out of a trough, because they'd be confident in the long-term trajectory.
But the majority are betting, and as such we see the sudden panic sales (FOBB) and before that the panic buys (FOMO).
For example, I doubt many people on here who have positions in gold or silver are looking at the immediate results. More that they are looking at an inflation beating commodity that acts as a hedge against stocks and houses, which are typically not doing as well when these commodities are.
*Obviously this misses many details and does not constitute as advice on where to invest your hard-earned money. [Post edited 20 May 2021 8:57]
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