Those who believe that the current state of bitcoin is the only reason it is failing are presumably impatient investors or those who bought because they were afraid of missing the approaching bull run and tried to take advantage by investing immediately after the halving. They are upset that things didn't turn out as planned and that they were blind to the decline. Competent investors will not panic and begin to believe that bitcoin is failing, but rather will see this as a chance to keep buying the dip.
There is a saying that "when the purpose of a thing is not known, then abuse becomes inevitable". This statement is so true for Bitcoin investment because many people do not know the real purpose of investing in Bitcoin neither do they have plans for same investment. Some just bought because of the trend while others bought because they want to be rich within a short time. Those who have plans such as I have mentioned, actually planned theoretically without facing the fact that Bitcoin requires time and patience.
If we must tell ourselves the truth, Bitcoin have done so well already and from this time last year till now it has done over 100%. I do not see why people will panic when the price of Bitcoin is pretty high and even looking so promising to do more. I understand that some people jumped in following the hype of the halving. Well those of them who have not sold at loss are more than welcome to change their mind into long term holding because those who follow Bitcoin with patience will always reap the fulll reward.