Fear has something to do with this they fear that if they buy without a signal that the price is going up they might lose again when the price is going down, these people are not investing what they can afford to lose and they always follow what the people are saying or when the market is moving they buy when people are starting to buy.
I think fear is not the main reason, because i feel as the fear will only hold us to move, while i think they just do not know what will happen in the future, and estimated the price