I have a really good friend of mine who bought a ton of Bitcoin and some alt coins right before this crash. He has a lot of anxiety about it because he hasn't seen this kind of thing before. As someone who's been heavily into crypto for years, I keep telling him not to worry because I have seen so many corrections over the years but he keeps looking at his wallet.
I probably give him the same advice weekly: BTC is a long hold, just wait it out. I tell him, I don't even look at my wallet anymore. It’s a revolutionary technology, you have to understand that corrections are a natural part of crypto and its growth potential is still huge.
I know you did the right thing to convince your friend not to worry too much about the current price correction. Obviously there is a very high psychological pressure on those who are currently losing some money due to the price drop, but when they are confident and optimistic about the future of bitcoin and its potential, then maybe they can control their psychology and wait for the right moment to make a profit.
I don't know how many bitcoins your friend bought at a higher price than now and how much money has been lost from the estimated value of his assets but he should know that bitcoin is the best investment in the long term. He just needs to wait and learn everything about the market and how to control his emotions when the market is bearish. You can also reassure your friend that only the approximate value of his asset is decreasing while he still has the same amount of bitcoins to hold on to in the long term.