Many people used to assume that Bitcoin would continue to be bearish and they refrained from buying when the price was falling, but they already regretted not buying at the right time, if buying when the price was cheap would have made a lot of profit. but they have to panic buy at prices that have soared.
I don't think so, they are just waiting for the right moment to buy. it is very difficult to determine the lowest price when in bear market conditions. this is the same as when many people missed the $29k moment because indeed many people did not expect the bitcoin price to recover so quickly.