I think the hardest part for newcomers is the first bull run followed by a hefty correction. It's hard to deal with the "I'm a genius" followed by the "shit I fucked up" roller coaster of emotions. Many of those newcomers sell and call it a loss. Some of the newcomers tough it out and live to see the next bull run with newfound confidence in the bitcorn.
This is a big reason to do the "don't invest what you can't afford to lose". Being down and in a shitty position can force you to do things that just make things worse.