I was one of them and I told that to everyone that took the time to listen and some of them did. A lot of my friends bought bitcoins at
the all time high, believing that the price would skyrocket to $20 000 or even $50 000 per coin. As you know this did not happen and the
price dropped with more than 80%.
Since then a lot of us Bitcoiners became the laughing stock and the butt of the joke for the people who were too scared to take the
risk.
I think a lot of people kinda fall into this a lot of speculation in the market when the market price was still on the low side that the bitcoin market price will increase into a high market.
And then the scenario a lot of users is not going to believe bitcoin since they never know the potential of bitcoin in the market and most of the time the when the market price of bitcoin increases a lot of users get hype by the situation hoping that the market price will continue to increases and they kina buy bitcoin in that time. Also, it is vice versa when the market price is in the lower side and a lot of users then lose their trust and their hope in bitcoin in that situation leading to panic selling the token.
I think this is just a normal thing for a lot of people since they easily fall into the bitcoin market price. But I think most of the time the best thing to do is just to hold on in bitcoin.