Inasmuch as investment is concern time and patience are very crucial factors to be considered and they are the major things that drive every investment. Now come to think of what will be the profit of someone that purchased five bitcoins in 2011 when the price was about $1.00 and patiently hold the five Bitcoin till now that the price is about $100000 per Bitcoin.
The reason for investment is to make profit and this is a factor of time, patience and knowing the best strategies that will sustain the investme for longer time in order to bring a reasonable return in the future, so no investor will be happy when the value of his investment is going down instead of appreciating but if the investor critically learn the entire cycle of the system it enable the investor to have more courage and patient, knowing that the price of Bitcoin is unstable and as such will appreciate in the near future.
Most people just abandoned Bitcoin when the price is very very low. They don't even think that the price can surge and hit $100.000 because they think that is impossible. But then when the price slowly increase and hit many new ATH, they will start pay attention to Bitcoin although they still not trying to buy and hold Bitcoin.
They don't think to use Bitcoin as their investment because they are still prefer with their current investment such as gold and others. Or they don't want to open their minds to see the other opportunity to become rich in the future.
This set of people do not still understand the movement of Bitcoin neither have they found time to look at the historic data of Bitcoin else they would have know that there is always corrections that happens in Bitcoin which is regarded as bear market. This does not last forever and anyone who think that bull market will not come again due to prolong bear market, is definitely not informed so he might end up wasting the precious period of buying aggressively. This is because the bear season is the time to collect more Bitcoin at lower prices so that is the best time to be more aggressive with Bitcoin investment.
Furthermore, it could also be that those who panic and abandon Bitcoin during bear seasons does not have faith in Bitcoin, so there is no way they can trust what they have no faith in, the reason they will panic when price is dropping instead of buying more. It is necessary to have some level of faith in Bitcoin because that faith will be the driving force.