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.
It is difficult to see such a big drop, especially for those who bought at a high price. I see that there are those who write that they want to take out a loan to buy bitcoin, or those who sold real estate for this, it is very difficult to withstand such a fall, there will definitely be those who will sell.