Please realize that, at least so far, Bitcoin is carving out support at $44k/$45k. Just one month ago it carved out support at $29k/$30k. Support is literally 50% higher in a single month. That's a ton!
It is surprising we only got two weeks of upside between two major corrections, but price did go up 50% (~$38k to $58k) in those two weeks.
Also remember, consolidation/corrections = market balance. The way we get a blow-off top and 80% year long crash is when market goes parabolic for too long and a flood of immature investors throw everything they have into it and then panic sell everything shortly afterward and leave the market for years. I'd rather have a plenty of corrections like we've now got in both January and February, with overall good growth, that extends what levels people are willing to invest at, and therefore extends the bull run, rather than a market that goes parabolic already and leads to a big sustained crash in the very near term.
And obviously institutional adoption is a major force driving the upside, which could explain both the quick rises - billions from institutions suddenly coming in - and also the back to back corrections - they are used to making 10-20% a year or less so when they make 50% in two weeks some of them take some off the table and others stop or don't buying and wait for stability before coming into the market. The market is pure psychology so over-exuberance leads to crashes but common corrections leads to more sustainable growth. Let's hope for regular 25-30% dips this year in between growth spurts!
If you have cash, buy the dip, if you don't, hold the dip. Just don't sell the bottom (which we are very likely at right now)!
