It is necessary to highlight that in 2018 when Bitcoin had its fall from $20k to $10k most investors believed that the price would reach $ 50k, when they saw the fall to less than $ 10k they began to sell due to the huge panic that was unleashed, the news can sometimes drive anyone crazy and more so when it comes to money.
Many people who entered to buy at $ 20k, the whales began to sell, it was in its Distribution stage and the end of the bullish trend stage, no one expected it to have been so fast, so the whales' strategy had changed (they took advantage bad news and panic at the time) those who bought at $ 20k and sold at less than $ 5k was a very bad move, I know there was, because the force of the "shorts" at the time was to snatch those Bitcoin that he had bought in ATH.
Today those who did not sell are having very good profits, there are many responsible, but the lesson of this is that Bitcoin with the passage of time is valued much more and that its average accumulation stage is usually between 3-4 years, until now.
Personally, I think there is much more to raise the price, the uptrend has not started yet with 100% of the whales, I interpret these movements due to the high institutional investment in the market.
The institutional investment in bitcoin had been massive since last year, both for renown investors and private investors with the aim of holding it longer than retail investors had done in the past. The effect of the accumulation took a while before it affected the price. If they have to break the previous all time high I believe it will be very smart to have started early like we saw however, the bear market was not that short, over 2 years
You are right, what happens is that I took it into account because in 2014 to 2017 there was an accumulation stage, I think that since 2018 the other accumulation stage began, it is sometimes difficult to determine, according to an article they speak about this now, for now thank you there is much more expectation for Coinbase on Wall Street:
"Now some $BTC technical analysis. Bitcoin has broken out of an accumulation range of over 1000 days. This usually results in long extensions. Currently, the increase over the previous ATH is only 200%."
Source:
https://cointelegraph.com/news/bitcoin-dips-under-60-000-what-s-pulling-down-btc-priceIt could be said that the Bitcoin market is giving great changes due to the entry of all those institutional investors, this gives more solidity to the market.