Some people are panicking because they don't know if the bull run has come and gone (The shortest bull run).
Honestly, I had to read your words in parenthesis twice. It made sense that there could be possibility of people with that thought pattern and I won't blame anyone for thinking so as market seems to most times be dipping than it's rallying up. Nevertheless, I think those who've that mindset should peruse historical data so they realize that there's always a post halving rally and we haven't seen that yet. 2025 is the year to be scared if we begin to see this pattern of range we've now. Until then, we aren't in the bear. It's just occasional price corrections we've.
people in general afraid that they caught off guard and becoming the exit liquidity, since bitcoin market always has this surprising element to the bitcoin holders, they think this bullrun around might not be the same as previous bullrun and current ATH is peak ATH of this bullrun which is $74k and it will go downhill since that ATH.
but seeing the yearly timeframe of BTC, in 2021 there was some big bear trap that sideline so many traders so expect that there might be some big bullrun as well.
the market dipping so hard doesn't mean it will dips together tbh, if thinking by logic, current recent dip is to make paper holder to sell their bags so the bullrun can sail smoothly.