Many hodlers has taken profits from their BTC investment when the price hit above $40k few weeks ago and, some are waiting for the price to return back to $69k before they can sell to take their own profits but it will be difficult for the price to return back to $69k in this month of december. But those that will hodl till next year 2024 which is the target of many hodlers to make a huge amount of profits from BTC investment because, the price of BTC will surely reach $100k before the end of next year december.
Those that want to experience $100k will not sell their BTC like the decision you took not to sell now in this bear run because it will not help you to make pretty money from your investment but if you hodl till $2025, you will surely get it right to make big money from your investment.
That is one of the main reasons why it has gone down, the problem is that when the price peaks at a point, that means it will be quite hard to make people not invest into anything new, I mean they are not going to put in even more money when it is already peaked, instead they try to sell and get their profit as much as they can.
This causes the price to have some dip, but when it's dipped enough, all those people who would like to take their profits are gone, and we are talking about a situation that they have made enough profit, and that should be important. I get that it is not going to be something that would benefit everyone, it is going to take a while and I know that it may not be that easy, we are at a stage where it is all up from here, because halving is nearing.
Anyone who doubts what bitcoin could do during the halving year even with all the historical data we have, will be people who are going to be too late to making some decent profit from it for sure.