Under normal circumstances, the power of buyers and sellers is roughly balanced, and prices will not fluctuate too much. There are only two situations where prices will fluctuate significantly.

1. Black swans cause all institutions/retail investors to work together to avoid risks in the short term. As a result, the number of short-term sellers is much greater than that of buyers, resulting in a sharp decline.

2. The white swan causes all institutions/retail investors to be bullish in the short term. As a result, the number of short-term buyers is much greater than that of sellers, resulting in a sharp increase.