Most investors don't have the emotional toughness to appreciate dips especially when they invested at a relatively higher price and so they rely heavily on price action to choose a suitable point to invest
You can't blame them, everyone making an investment are patterned towards a specific direction, some can be able to hold for long while some may not, some may be loosing when the market runs dip while some are making their own profit at the same time, everyone has it's own way and target for investing in bitcoin and we cannot assume that everyone is a long time investors or a trader just as we have appeared to be.
With the recent bitcoin etf there have been many speculations and projections on the price of bitcoin,according to some estimates bitcoin etf will have a direct effect on price action since it will build retailers trust and push investment and price of bitcoin upwards of even $100 k
Maybe this is high time we concentrate more on the bitcoin network than the ETF or what people are saying, wether there was ETF or not, there will always be a volatile market with bitcoin, we will experience both the dip and bull altogether, now we cannot say if there may be another bull before the halving or we should even expect more dips before the halving since the ETF approval needed had been achieved, but people get the opposite as a result, it goes dip instead of bull.