wrong

bitcoin has an acquisition cost. at the moment miners costs are above $5,800. the high majority of users are refusing to sell for less then they paid for it. which also supports the long term $5,800 bottom. thats called the underlying market value layer

above that. .. then there is markets speculation layer.

yes psychology dominates if a price goes 4X higher than communities average acquisition cost. and psychology can decide when to correct that empty hype spike. but thats just the hype and fear of the speculative layer.. not the underlying layer

right now there is about 10% hype/fear speculation
in december there was 400% hype/fear speculation

but right now there is not much fear. we are not seeing 400% drops. we are not seeing price go below the long term underlying value

right now 10%+  10%- are not hype or fear. they are just normal waves..