Yes.Bitcoin is a highly volatile currency.Its price either increases or decreases with demand variation.Its quite natural that newbies who actually don't know the price history of bitcoin would get panic on seeing such a huge dip in bitcoin price.Adding fuel to the fire,big whales try to spread FUD to make newbies panic and just make them weak hands and buy bitcoins at very low price.Later,newbies regret for their decision.Since bitcoin is an ever growing market,new investors continue to enter the market and buy bitcoins.That gives the big whales a continuous crowd of panic sellers.