I have a theory about what is happening in the BTC market. BTC selling pressure has not been sustained by FUD. The downward pressure doesn't stay. Time after time, some people sell off BTC to apply downward pressure. It seems like they are trying to force a downward pressure like in 2018 so they can buy back in later at a lower price.
What I think is expected is for others to follow suit after seeing all the selling happening, a bandwagon bias effect to create the bear market and huge price drop.
"Oh damn, look at that big red turn on the market, I better jump on the bandwagon and get out now before the price drops more."
But so far, there haven't been many takers of the downhill bandwagon. Each time there is some large selling, it get bought back up either shortly after, in the next few hours, or in the next days the pumping starts again to send BTC even higher.
There is big money buying up these dips, the legacy money from the legacy economy. This is thought to be institutional money from the old-market (contrary to the new-crypto market) trying to get out of the humungous bubble of the mainstream markets and get into what is perceived to be the safer future of the crypto market.
My theory is that these old-money people are trying to get out of the failing system and into the new money - BTC/crypto. They are buying up as much BTC as they can. They foresee the price going higher, and will buy at these all time highs.
"Oh, you want to sell. Please do, I'll buy it up, and keep it at these levels. Then when the bubble pops and everyone ruses into crypto to create the hugest bull run ever, I will have still bough BTC when it was lower while these people are getting in late."
Some may be buying up large quantities now which has created the current bull run, but it will be a small bull run compared to the mainstream-market exit when the mainstream bubble pops.
So they are fine with the prices increasing. I think they will keep buying up BTC but more slowly. If the holders want to try to create a bear run FUD, they will stop it buy buying it up and bringing it back to around the same level.
The new buyers may also stop doing so at some point, and create the FUD bear run. Then as more people sell and drive the price down to, say, $10k, they will buy it up at even lower levels, waiting for the mainstream old-economy market to crash and everyone to rush into crypto and BTC especially.
The USD and other fiat currency of the old-world economy are on their last legs as I see it. The economic bubble is huge. I think it's going to pop within the next decade and create lots of chaos and suffering in it's wake. We have the money manipulators and masters to thank for creating this over the past 100 years, along with everyone else playing into their games driven by the greed of wanting to make money no matter how it was done.
But that depends on reality mattering. Evidence from the past 12 years shows that reality doesn't really matter and they just create bigger bubbles by not letting the previous bubbles crash into the ground of reality.
Nothing is certain. But this is how I see things. What do you see?