I think, the majority of people are forced holders. These are those who bought at the peak and now do not want to sell at a price significantly lower than the purchase price. At least I know a lot of such people and only few who are realy believers.
if you are not forced to keep holding you will definitely lose if you sell it, so choose to safely save the coins they have. Instead of having to lose a lot, it's better to choose to hold even if you wait long. believe it or not believe if the future can soar we must all be optimistic to hold it for profit and at least not lose.