When the price is $126K, retail investors: 'Heading straight to $200K, let’s go!' When the price is $90K, retail investors: 'Just a pullback, time to buy more!' When the price is $78K, retail investors: 'Maybe I should wait a bit longer…' When the price is $67K, retail investors: 'I’ll buy when it drops to $40K.' When it really drops to $40K, retail investors: 'It’s over, it’s going to $20K, who the hell dares to buy now!' Three months later, when it rises to $95K, retail investors: 'Damn, I should’ve bought at $67K. The trend is solid now, let’s go!' When it rises to $120K, retail investors: 'Straight to the moon! All in!' And the cycle repeats, endlessly. Because retail investors never really want a cheap price. What they want is certainty. And certainty has always been expensive.