The level of knowledge is also important which will give value to how high the bitcoin should be traded. How much functionality and solutions bitcoin brings that you know about will affect your chances of passing it on to someone else even in the absence of FUD or volatility.
You are right. Knowledge has an important role, it will impact on own psychology or emotion. If someone has a lack of knowledge, he may give up soon because of the price volatility and FUDs. During this bearish season, we know that the price of Bitcoin can drop significantly and there is much bad news spreading. Someone who has no knowledge about crypto market and Bitcoin potential may sell their Bitcoin because of panic. That's why before investing in Bitcoin, make sure that having sufficient knowledge.