In a bull market, is it to attract retail investors or to kill them all?

Yesterday I saw two people arguing.

One said that without retail investors, there would be no bull market.

The other said that if retail investors are not killed all, there would be no bull market.

I am more inclined to the latter, because after experiencing two rounds of bull and bear markets, I found that basically the starting point of the bull market is when retail investors are liquidated and leave the market.

The reason why I use the word "be" is because only retail investors know this kind of despair.

The pain of cutting meat in the end must be heartbreaking.

The market will attract retail investors to enter the market to take over in the bull market, but it will definitely not be at the bottom area.

When the big cake returns to 77,000, 80,000, or 100,000 one day, there will naturally be a lot of people shouting that the bull market is coming and entering the market to take over.

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