We see it every time Bitcoin goes to a new lower level.
Bitcoin "believers" will hurry to say "buy the dip" and "just wait it will come back"
Reality is that every dip is a new lower level - and after that comes another dip...and another.
In the beginning of 2017 very few people had Bitcoin - and therefore the price could quickly move up as a large number of people with zero financial understanding started buying Bitcoin.
Now a large number of people with zero understanding has Bitcoin and price moves down - there are no more new fools to get into Bitcoin to ever pump it again.
"Buy the dip" is something only fools believe - and as can be seen in here there are unfortunately many fools in here who do not understand that their money is already lost
Not totally. Any moment, the sentiment can change with just a couple of good news. That's what those folks who buy the dips are waiting for. Their mindset is that every new levels of low is an opportunity to hoard more and then wait for that right moment where everything is reversed.