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Yeah, I doubt that people who were buying to get rich, fomo or any other diffrent reasons will wait for a looong time ridding bul market. And again enter when we will hit new record high. For them trading is not an option, knowladge in trading is boring and complicated.
Another option is they will never return in the market, because of the pain they gain trough emotion, psychology.

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Yes, makes sense. They are to emotional about investing.