It can be! A lot of panic sellers who eventually support the bitcoin when it hits the lowest point of price. These panic sellers are the one who make the price dump. They tend to sell their shares at the lowest price because they are scared of their investment. In this kind of situation, individual reaction lead to a downfall or succession of Bitcoin.
In bitcoin trading, the role of individuals is very influential on the stability of the price of bitcoin. They easily panic when prices go down or are very happy when prices rise, so they sell immediately. Bitcoin holders with characters like this are very many.