It's largely fear. It sucks for most people to look at their portfolio and see the virtual loss expose their poor timing of entering the market.

I see it happen with people on this forum referring to themselves as long term holder too; during price increases everyone can chill and enjoy the price, but when the market moves against them, they suddenly aren't so sure about their investment or Bitcoin anymore. These are usually the weak hands we are talking about when it comes to people getting shaken out of the market.

Every long term bull loves to buy at much lower levels. These are precious opportunities. Instead of utilizing these opportunities people cry themselves to sleep.