Don’t get too excited about Bitcoin’s recent surge. Do you really think the $80,000+ price range is a buy-the-dip opportunity? You’re not the only one looking to catch the bottom.

These past few days have seen repeated whipsaws and V-shaped reversals, and the underlying reason is actually pretty clear—there are too many dip buyers piling in between $80,000 and $90,000. The main players need to shake out these weak hands. Those who lack patience and can’t handle the back-and-forth will naturally give up their chips.

A true breakout rally? That’ll only come after the pessimistic sentiment—people shouting “the bear market is here” and “we’re going to break below $70,000”—has reached its peak, the bears have finished harvesting, and the chips have been redistributed. Only then will the market reveal its real answer.