The number of people who invested substantial amounts of money when Bitcoin was trading at over $15,000 are substantial. And they tried to cost average their holdings when Bitcoin started trending down. And some of them have lost all appetite for cryptocurrencies now and are thinking of exiting at a loss.
It's impossible for people to know what dip to buy on the way down, especially if this is their first ever crypto bull run. For them a decrease of 20% is a fantastic entry point, but they have no idea that this market corrects with 75% on average.
It's even a tough call for the more experienced Bitcoiners. I have seen how mostly all of them were extremely hyped up and were really believing that $50,000 was the next stop while the price was still around the $17,000 mark.
Then their ultimate bottom on the way down was the psychological $10,000 mark, then $8000, then $7000 and then $6000. People can act tough all they want, but they were doing nothing but playing the guessing game.