People usually like buying things at a discount and rarely buy at full price when it comes to cars, clothes, and other things. However, when it comes to investments, people seem to make emotional decisions and end up buying at too high a price.

The fear of missing out is probably the biggest reason. I think a pull back in bitcoin is possible to the $6500 level. That be a good 60% discount. From that level, a move above $25,000 and beyond would seem likely based on Fibonacci price projections.