The upbeat attitude of bitcoin holders now is better and more mature than was few years ago. So, bitcoin becomes hard to lose value or atleast crashes as once did (hopefully).
I do not know I was not around in those years but there seems to be a lot more speculators and people that want to obtain fast profits and those people are always the first to let go of their bitcoin when it seems the price is going to go down, so I do not know if your statement is true.
It is possible that Bitcoin may lose its value to some extant but it cannot happen that bitcoin remain valueless. The rising and down is part of business and currencies But here Bitcoin get a high position in world trade and fund transfer so this is not easy that bitcoin lose its value.