That's right, I can't even imagine the feelings of people who bought bitcoin at its peak price and see its price now. Although, most likely, these people knew all the risks when they bought it.
For some, they aren't feeling that bad since they believe strongly in Bitcoin and they know that one day they'll make a huge profit. However, some other people who are holding Bitcoin are very worried when its price goes down and I think a few of them sell at a loss which I would never do especially when it comes to Bitcoin.
I personally know a friend who bought Bitcoin when it was around $50k and he invested a huge amount of money at that time. Now, he's doing fine and he's awaiting the next Bitcoin bull run. He always tells me that bitcoin will reach more than $100k by the next peak and I wish that would be true to be honest.