Bitcoin (BTC) has been out for more than a decade created by Satoshi Nakamoto, and the crypto market has experienced ups and downs of Bitcoin prices and new technology.
Because Bitcoin and the cryptocurrency market are public. With so many crypto investors being dragged into the 2017 crypto bubble, the majority of investors have never witnessed the market cycle transition from Bear, to Bull, and have never experienced the initial stage of the Bull market.
The market revolves in the same way in all asset classes. After the peak of excitement and hype, "destruction" of values arises that give rise to anger, despair, and depression. This is the annual cryptocurrency market cycle.
And like the crypto and Bitcoin (BTC) markets from the lowest to more than 100% profit in two months, when the market ends, investors are left to believe, and still suffer from last year's Bearish market which has caused its own trauma.
I think people who joined during 2017 december peak went in because they thought they could become rich and than the bear happened so they only lived one stage of bitcoin so far, the bear market. Right now those people don't know what could potentially happen next and that's why they can't transition to bull since they never lived that, they believe bitcoin is down and gone and the time for bitcoin has passed. If they knew that whenever bitcoin goes down it goes up even better they wouldn't leave the market so quickly.