I think some people really get emotional for a while when they don't have more money to accumulate bitcoins. Amid the current major correction, this should be a valuable opportunity to buy and accumulate. Unfortunately, some of them may not have spare money that can be used at times like these. Buying when prices are dip is a good strategy, but buying when prices are dip of dip is always better, which means DCA makes it possible.
I don't know how low the price will correct today, but I don't think it will go lower than $95k. Recovery is expected as soon as this panic subsides and today's close is expected to be over $99k. In the last 24 hours, the price has fallen by 4.5%, this is not always considered a bad thing by those who can take advantage of the opportunity.
Maybe they panic or just want to hedge their Bitcoin and put it to stable coins to stop the bleeding and then comeback when the price is making a good recovery.
who thinks they are smart, or seeing their strategy as being smarter than others but are missing out.
No, I disagree on your statement I made bold here, buying and selling of Bitcoin has nothing to do with gambling, those sets of people buying and selling of their Bitcoin holdings for minimal gains are trader, though you are actually right on the aspect that they are missing out on the bigger picture, because they way Bitcoin is wired, it's more beneficial to hold longer than to be buying and selling for minimal gains that can't impact their financial status or changes their financial history forever .
So timing the market thinking you can buy low and sell high is a complete waste of time because you will surely miss a whole lot of buying opportunities along the line just you have rightfully said, while missing out on something big that can change your life for ever on the longer run.