This is not true at all, when people buy at the ATH most of the time they do it because of FOMO and because they want fast profits and for the most part when they do not get what they want they either get scared or they keep holding for some time thinking that things are going to go back to normal and instead they keep holding during the whole duration of the crash and they lose their money because of this, and we have a very clear example of this with what happened during 2017.