Yes this is the exact reason, the new traders think this is easy money and they expect fast profit. Some times they even get profit even in 2-3 days and that makes them think they always make quick money like this. But when the price fall they dont know what to do and start to panic and just start selling.
That's common with all new traders, because they don't have a strong plan and fundamentals so they often run and leave the market when a correction approaches them, so let's just say they are a spice in trading.