Ok but now, today, how do you explain that people are still selling under $10k while Bitcoin cost above that since several months?
How do you explain that so many people are selling at those prices? For me, it's because they are disappointed by Bakkt, they observe that institutional money is not coming.
This market is pretty thin. When tens of thousands of BTC get dumped on an exchange, there isn't necessarily corresponding demand to send prices right back up. In a bubble there is, but the lack of bullish reaction to this selloff suggests we definitely aren't in a bubble.
In other words there is no demand left at higher prices like the $9,000s and $10,000s. That's the sad truth. We need to find a new equilibrium in a lower price range where sellers don't outnumber buyers.
I'm hoping we find that equilibrium in the low $7,000s but we have to wait and see.