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Those who sell at $111k or at $110k and the amount of USD obtained from selling at that price is again used to buy Bitcoin today, their portfolio will increase again.
I can't say that the saying “sell in May and go away” is wrong, because the fact that today is May 31 as the end of May that the intention is at the door is true.
$103,713 is a happy price for those who took action when Bitcoin reached $111k or $110k.
As a holder, I am not deprived of happiness even though I did not sell at bitcoin's ATH in May. It is true that if you accumulate bitcoin with a buy low sell high approach, you can have more bitcoin over time, but investors or holder usually do not do this because they tend to use other budgets to accumulate. The approach you describe is not necessarily effective for everyone, of course some people may not wait for that much of a drop before they buy again.
By the end of May bitcoin had dropped to $103k, not bad, but for me this is typical of bitcoin heading into June. The data shows that June is not a month to expect high returns for investors, that is because bitcoin tends to go into corrections and that has been true so far. I don't expect bitcoin to lose much in June, but history may or may not repeat itself.
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