The price didn't drop particularly low, IMO, but those who think it will fall down even more and who aren't willing to wait for lots of months or perhaps over a year for Bitcoin to go on a bull run are reasonable in the desire to cash out now. I don't care about the price as much and try to be more flexible, but I don't judge those who choose to sell, and we can't convince people not to do it, since we can't guarantee that Bitcoin will be up soon.
Whether the people want to hold or sell is upto them, because we can't be sure about the market to turn bullish or stay on the bearish side. Even though we're into close observation of the market we won't be able to precisely state when the price increases and for what reason the market have undergone correction or decreases. This is the riskier part of the market, and the market being unpredictable it is suggested to keep hold.