It's funny because a lot of people think this $95k-$100k range is the "take profits" zone. Trust me. The crypto summer has barely started. We have a long pump to go.
Taking profit is a good and sweet practice for everyone. Small or big profit, if you take it, it's good for you.
Assume an investor bought bitcoin around $20,000 or $30,000, it makes a lot of sense to take profit a little below $100,000. If you generalize that taking profit is bad, it's not true. Right time or not right time to take profit, it depends on your average entry price too.
You can't blame them though, I mean just imagine if you have been doing DCA for at least 2 years and you have that target to take profits at $100k. So it make sense for others to go and sell at that price level.
Agree with you, taking profit when you already have good ROI, is never bad idea.
And with that, when the 'weak hands' has been shaken and it has been, causing the price to fall at $91k. But it's good though, as we all know that during this kind of market correction there is a great opportunity to enter and maybe those who will have have a target of at least $150k to take their profits. That is really the market cycle and it added liquidity if there are going to be sellers at some level.
Buyers see chance from their purchase and sellers see both, chance to take profit, and risk to get less profit, get loss, or get bigger loss if they don't sell now. Lifting up target price for taking profit is risky and this style can cause to missing many chances to take profit, and finally will stuck in a bear market. Even a double top, a second great chance to take profit will be ignored.
