Some people have been selling now, that's true, and probably if on the way up people will be selling. This is what is needed so that people can get into their Long positions if they expect price to rise.
I think FOMO is what will kick in, as soon as a rally happens. A vast amount of margin traders would pile on and we can reach new near term ATH.
It was over 3 month time period... so actually it might be still right, where we just passed 3 weeks marker, and in the earlier weeks there was little to no rise which just snowballed into exponential rise.