Everyone might be used to this pattern by buying the dips at every new high lows form without minding the risk with the hope of always bouncing back.
Here is the thing. Even though people are unintentionally buying at high price, they just thought that it will be the bottom price already as market these past few days have been completely pumping especially btc.
Now, a new set of investors are going on that same experience, didn't want to miss out, FOMO and then later suffer a loss. So it's cyclical and how much as we wanted to stop this, it won't as there are going to be newbies entering the market every year or every bull run.
We arent sure of course these new set of investors are really new batch or just a try again once more for those who have been lost last 2017and eventually they hold till now. I dont think its always new newbies but already experience one who keep trying. Of course also millionaires who gained so much last time is probably investing also too. Dont forget them, as these wise people will also join in the game.