Everyone has different knowledge in crypto trading, among them they are easily influenced by FUD so they conclude they sell before the price drops, but for us it holds for the long term and Bitcoin history has never experienced losses except for those who doubt it.
Not only about knowledge, but people are also panicking because they don't want to hold for a long time. Some people only want to hold temporarily, they have planned to sell their current coins/tokens during the bullish trend. They want fresh funds to buy again many tokens/coins when the bearish season happens in the future. But for people who want to hold for a long time, prefer to be calmer and not panic although there is a big crash or correction.