#BTC Bitcoin

People who chase at $120,000 and won’t bottom-pick at $60,000 are often the same group

In October 2025, Bitcoin broke through to a new all-time high above $126,000. Shouts of “$120K is just the starting point” and “This time we’ll see $200K” echoed across social media, and countless people went all in to chase in on the FOMO rush.

Just nine months later, Bitcoin fell to $58,000. At this moment, the same group faces cheaper prices, yet still doesn’t dare to make a move.

Greed when it rises, fear when it falls—human nature has never changed

When it climbed to $126,000, they saw “If you don’t buy now, it’ll go soaring”; when it dropped to $58,000, they saw “The bear market is here—and it will go even lower.”

This is not because they’re stupid, but because they’re controlled by emotions. When it’s rising, greed defeats fear; when it’s falling, fear defeats greed. From extreme greed to extreme fear, the market’s two extremes—experienced end to end by the same group of people.

What are they afraid of? And what are they greedy for?

Chasing at higher prices is essentially greed—fear of missing out (FOMO). Seeing others make money completely breaks their psychological defenses, and they abandon all strategies and rush in. They aren’t buying value—they’re buying the anxiety of “everyone else is making money.”

Not daring to bottom-pick is essentially fear—fear of losses. The lower the price goes, the more they feel “it will go even lower.” At $58,000 they don’t dare to buy because they’re afraid it will fall to $50,000; if it really falls to $50,000, they’re still afraid it will drop to $40,000.

Greed makes them take over the position at high levels, and fear makes them stand by and wait at low levels.

More ironically, when Bitcoin rebounds from $58,000 to $70,000 and $80,000, they’ll feel regret again—“Why didn’t I buy back then?”—and then when it rises to $100,000, they’ll chase in once more, completing the new round of the cycle: “chase higher, get trapped, cut losses, miss the next leg.”

Investing is against human nature, not in line with emotions

Buffett said: “Be fearful when others are greedy, and greedy when others are fearful.” Everyone can recite it, but very few can actually do it.

Why? Because fighting against human nature is too hard. When it’s at $126,000, everyone says “it will keep going up,” and it’s hard not to follow and buy; when it’s at $58,000, everyone says “it’s going to fall further,” and it’s hard not to follow and sell.

But the key to investing is exactly this: build positions when prices are low, not chase rallies and sell during downturns.

Bitcoin has fallen from $126,000 to $58,000, with a drawdown of more than 50%. For investors who chased in at high levels, that’s an agonizing 50%; but for those who dare to build positions at low levels, it’s precisely an opportunity.

Dollar-cost averaging (DCA): the simplest weapon to fight human nature

If you can’t defeat human nature, then constrain it with discipline.

The core logic of DCA is very simple: buy less when the market is rising, buy more when the market is falling, and smooth out your cost by buying in batches over the long term. It doesn’t require you to judge the top and the bottom; it only requires you to stick to execution.

It can’t make sure you buy at the absolute lowest point, but it can ensure you don’t buy at the absolute highest point.

The same people who chase at $120,000 and don’t dare to bottom-pick at $60,000 are the same group—because they’re controlled by emotions.

All in at the peak, watch from the sidelines at the bottom. This script gets played out again and again in every bull-and-bear cycle.

Truly mature investors won’t chase at the height of excitement, and they won’t exit in panic. They use a simple discipline like DCA to counter the weaknesses of human nature.

Bitcoin may take some time to rebound from $58,000 to $120,000; but the shift from “chasing rallies and cutting dips” to “rational investing” for a person may take many years. When are you planning to start changing?