Yes, and what most people who disagree with you are trying to say is just that: you cannot compare S&P 500 with bitcoins. They are entirely different beasts.
And that's a totally incorrect assumption. Human psychology hasn't changed since the tulip mania of the 17th century. ;-)
P.S. -- If you have Netflix you should all watch the documentary called "Mind Over Money"...
This^
Bitcoin is no different than any other financial market on Earth. When dealing with money, and the gain and loss thereof, there are the EXACT same psychological effects as other markets. This same psychology is the basis to Elliot Wave Theory, and the number one reason why you get panic in either direction.