"But awareness keeps the panic away" - this is such a bullshit. You can't be aware of future events and EW theory just fails in long term predictions. You just have the BELIEF that bitcoin will rise forever. Who knows. It may go up or it may go down. So you really don't know if and when the uptrend resumes. Mayby some other coin will take bitcoin's place because of fees, long confirmation times, electricity consuming consensus algorithm etc. Will it hit 20K again? Also a coin flip. So it is better to panic early and rebuy when you have good odds.