Indeed that is the case, and I'm afraid that the ones that easily get rekt at these sudden switches in trends are the newbies in this industry. What's even more saddening is that these losses can be prevented by even the most basic knowledge about this industry or movement of its market like demand and supply, support and resistance and more. Heck, even just being aware with the news can help you somehow avoid some dips. 

               If only newbies prioritize knowledge more than profits and try to control their greed and other emotions when investing, it would have made them tons of profits. But then again, it is pretty rare to see newbies that act like this. Even I am guilty with making the same mistakes as most of the newbies out there. To my defense tho, when I started out in this industry knowledge about bitcoin and all were pretty scarce and hard to find.