Bull market, is it to attract retail investors or to exterminate them?

Yesterday I saw two people arguing. One said there were no retail investors, where did the bull market come from.

On the other hand, without wiping out retail investors, where does the bull market come from.

Brother Hua tends to the latter, because after experiencing two rounds of bull and bear markets, he found that basically the starting point of a bull market is when retail investors are forced to close all positions and leave the market.

The reason for using a word '被' is because only retail investors know the despair. The pain of finally cutting loss must be heart-wrenching.

The market will definitely attract dumb buying from retail investors in the bull market, but certainly not in the bottom area.

When will BTC return to 77000, 80000, 100000, naturally there will be a lot of people shouting bull market and dumb buying.