The general sentiment was that we were settling into a new bear market that may take upwards of a year to fully recover, with more downside expected in the short term. I’m sure there were plenty of people who sold some or all of their BTC positions to buy back at the “bottom”.

And now, for reasons unforeseen, BTC is climbing back up. Will it continue? Nobody can say. The only strategy that has been tried and tested to be successful in the long run is to buy BTC, hold it, and keep adding to your position.