Because the price of bitcoin is not only speculative, but also objective, it increases as investors increase. To Price retreated to the previous level, it is necessary that there was an event that will significantly reduce the number of users, ie, will get rid of bitcoin. While such events on the horizon can not be seen, the upcoming hardcore does not attract such an event.
Significant drawdowns are possible and will be, but not global level.
Factors that surround the movement of the price of bitcoin in both directions goes beyond the singular factor investors losing confidence or some new entrants coming into the game. Over simplifying it will make such narrow conclusion. Other reasons that could cause the issue mostly is based on and because the market is so volatile which means the trust is easily gained so also easily lost and its not necessarily new participants but market players who trade based on the trust in the market at a particular time.
although the investors now become more mature, because for last few months we can see that the investors are giving good support to bitcoin, and that is the reason the we do not saw any big panic selling in the market, instead the investors are giving more support to bitcoin whenever the price start dumping, we say a good recovery of bitcoin price when it fell down to 3000$ in previous days, but still i think bitcoin need some more mature and devoted traders.