But maybe majority could sway away from the market because it is crashing and then want to see how the price will go. Wait for the price to still go down further before they buy.
My take on the majority is always this: most people, even myself included most times, we're concerned more with putting food on the table and roofs over our heads. This means buying BTC is on the backburner, pushed far back behind the list of priorities.
It's not always fear when it comes to the retail investor (which I still feel is a force to be reckoned with). Just a matter of a bad situation economically that prevents further dipping into reserves. Bargain price or not.
When the economic situation is so volatile and so difficult to predict people look for certainty, and even if right now the price of bitcoin is attractive there are not going to be a lot of people which will be willing to take the risk of investing in bitcoin right now, after all if the price began to go down once again then not only they will lose money but most likely they will be forced by the circumstances to sell their coins at that low price because they may need the money at the time, and in that case it is better to remain out of the market and keep the flexibility that cash gives you.