I think It does not matter whether Bitcoin is legalized around the world or not, because people want to buy Bitcoin for fiat currency in the country where they live. I can not call this factor fear. It's just careful to avoid potential losses.
I think People will re-invest in Bitcoin when the price is growing and thus they usually buy crypto currency at high levels. After that, big investors throw away their coins, therefore ordinary holders keep losses.
make some analysis on when you have to buy some bitcoin and when you can sell it therefore you are now playing with your money and even that some big investors may ever have to make some decision of throwing their coins then you are not failed or losse.