The average investor is always on the loss, because he's always angry and negative.
When it's going up, he doesn't buy and says: why would I buy something that went up by 500% last month? It's clearly a bubble!
When it's going down, he also doesn't buy: why would I buy something that is worth 30% of what it was? It's clearly dying!
Go to some mainstream forums and talk to people outside the tech space once in a while and you'll see why they aren't making money and why they will never make money.
This is also the reason why bull market cycles are so similar and why they will keep repeating. The vast majority of people never learn, even when they see the same thing happening again and again. You'll see it when we have another bull market and Bitcoin reaches a new high. Let's say that it will be 50k USD, followed by a year long bear market that will take us down to 6000 USD. The society will continue to call it a ponzi scheme that is going to 0 this time for sure and they still won't buy at the bottom. They'll say that those who bought in the previous bottom were lucky and this opportunity will never come again. Don't be a grumpy investor!
Great words. Investors are indeed too greedy to buy both during the bearish and bullish market. I have some bitcoins and I just hold them. I won't buy more, because I cannot afford them, even though I think that the prices are unbelievably attractive right now. But I will not sell as well, because I think that the market will show itself again. I hate these people who call bitcoin a ponzi scheme, those who are against cryptocurrencies, even without looking into them.
Investing in cryptos is easy. You just have to buy a top coin basically at any time and then have the patience to wait until the price at least doubles.