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But for those who invest with a long term view, they always have nothing to bother about in times like this, because they will mostly consider it very temporary and have little to almost no effect on their portfolio, but the short term guys are the once who will have a lot to bother about this kind of deep. So yeah CZ was and is right.
Those who already have a long-term strategy are usually already buying at low prices before and they are doing DCA, so they will not be affected by a decline like this.
Before the main target is reached, they will continue to buy so that the decline after the ATH will be an opportunity to see where the lowest support point will be reached so that the buyback will be maximized.
And those who make short-term trades will indeed be affected and more of them panic because of the decline happening,
especially for those who buy at the price of ATH, it will really disturb their psychology.