Who it affects most when the price falls? no one if all investors are to invest for long term because even if it falls, there is possibility for it to rise again. It's only those greedy investors who wants to invest and start making profits almost immediately, that gets affected because since they have short term time line, when the price DIPs, it becomes a problem to them because they will be left with two options, selling at lost price or holding on till the price recovers again but they often sell at lost due to lack of patience and fear of the market falling further. When the price of bitcoin falls, it is always an opportunity for real long-term investors to acquire more bitcoins at lower prices but for those that comes to the market for some kind of gamble in the name of trading, they are mostly affected when they buy hoping for the price to skyrocket and they sell to get some quick profits, but they get disappointed when it follows up with a price decline.