If rich people invest because of price rising then they are stupid.
No they arent. That is only what you call a strategy . they are infact smart because they discovered this risky strategy . once bitcoin price increase or pump , there is a chance that the increase will continue so why tire yourself waiting for the dip when you can start buying at highs and expecting to earn a quick profits ?
seeing bitcoin go down does not mean that no new rich person is in the stage
Right meyt . rich people are still here and they are still hodling or waiting for the right time to enter and to make a move . one example is a bitcoin whale , they are rich and they wont leave the bitcoin scene no matter what happens with the price .