$BTC is an exponentially growing asset: $1, $10, $100, $1k, $10k, $100k.
Many "linear" thinkers, red arrow people, will sell too early, around $120k-$130k—just like those who sold at $20k in 2021 or $3k in 2017, claiming the top.
The actual top was another 6X or 3.5X higher.