If you are asking between old and new investors, who's going to complain more about the fluctuation of Bitcoin then I'd say that new investors are more likely to complain more because old investors has been in the market longer and they know how it works. An old investor would feel disappointed and frustrated but only to an extent because they are sure that Bitcoin will always raise and they will never sell off their hodlings out of panic and fear of losses but a new investor knows absolutely nothing about how the market works and are more likely to experience the sense of loss or disappointment and potentially regretful about investing in Bitcoin as they were expecting Bitcoin to continue raising or at least be stable at the top and could be forced to sell their hodlings fearing further price drops.
Yes it is true that new investors sell their investments on Emotionally. That is why those who are new to investing are advised to acquire knowledge and analyze investments properly. A new investor complains when the price of any coin i.e. Bitcoin falls during investment because he may not be experienced about it.
I don't agree with you that new investors will liquidate their investment emotionally because that depends entirely on their conviction before they got started. Some newbies started their Bitcoin investment with the right mindset and strong conviction, hence they started the investment on the premise of long term. Take for example, a newbie investor who want to start Bitcoin investment and came to this forum for the necessary information, such newbie would have learnt some of the important lessons that most of us known by engaging in discussions on the various threads that focuses on how to go about investing in Bitcoin. Things like the DCA method, buying the dips, how to set up emergency funds and how to make good use of market corrections to collect more Bitcoin instead of panicking during such times. From the knowledge and experience of older investors, such new investor will already know how to navigate a market profile like we have now even better than some old investor especially those who buy and sell at the sight of profits.
On my own perspective, wether newbies investors or not, it all boils down to the person in question, how much confidence and trust do they have in Bitcoin, because I have seen it on several occasions where veterans investors sell at a loss in panic, due to some dip in the market that was really hard for them to comprehend, ok let's look at this present dip in the market, do you think it's all knowledgeable and veterans investors that still keeps to their holdings? No.
Most investors including newbies investors or veterans that has all the required knowledge still panic, anytime their is a very strong dip in the market, and sincerely speaking, in my own opinion, it's because of we most times focus too much on the speculations on Bitcoin and what people with negative mindset about Bitcoin have to say, so in essence of what am trying to say is that, if you truly believe in Bitcoin, and knows what you are doing and it potential in the future, you wouldn't even pay attention to anything negative people have to say about Bitcoin, and such negativity is what makes people to panic and start selling in a loss.
So the best way to go about it is that, as long as you are a long term holder, is to continue your accumulation through the DCA accumulating strategy and ignore all what negative people have to say about Bitcoin, regardless of wether their is a dip or not.