Many people missed this wave, in fact

is a typical phenomenon in behavioral finance, which is also why the Chen theory is useful. Often, during the first wave of rise, everyone is not yet prepared and hasn't experienced FOMO. From a trading perspective, in order to not give retail investors a chance to enter, there is often a consolidation phase that acts as a sideways movement before continuing to new highs. Most people start to FOMO and add positions at this new high, and by then, it is often time for a top divergence. 😂😂😂