99% of everyone who was going to sell or short was obliterated in, 2011, 2013, 2017, 2021, and just then.
This is why I think maybe a lot of 'BTC' on exchanges are fBTCTM f= fake, so fakeBTC
There just are not enough sellers left to push the market down in any meaningful way.
And you're right. Institutional investors are simply going to strengthen the long term long positions that exist within the market.
There are a ton of demand for BTC as a store of value, away from the imminent fiat collapse. And leveraged shorters will definitely be a lot more careful now that they've seen what mass retail interest can do in terms of inducing a short squeeze (think GME and silver more recently).
This is why I feel very confident in the $20k support holding - there are simply too many long term bulls, as you said, for the markets to move meaningfully downwards in any sizable fashion in the medium to long run.