Honestly I think it has very little to do with bitcoin, though possibly much to do with fiat.
People see their value going down and they want to 'escape' before they lose it all. They 'feel' an "acute emergency financial situation", when there isn't one, but WOULD potentially be in just about any other asset.
If one's Apple stock dropped 26% in a few days, it may signal real problems, where bitcoin drops 26% and it's just another day on the blockchain.
They miss not just the gains that come after, but they miss the learning experience, the hardening, the change to be made "strong at the broken places."
I had a consult (to make sure I didn't do it wrong) the day it first went to $20k and decided to wait for it to dip again before buying for the first time. It didn't, so I bought at $28k, and DCA'ed all the way up to $60k... then watched it descend back down to $17k (if I recall correctly). It was harrowing, but by then I was CONVINCED of what I held... the best asset that has existed so far on this planet, so I DCA'ed all the way down.
The 'little' it has to do with bitcoin, in my theory, is that 'knowing'; unmistakable knowledge and conviction that you hold the best, and most worthy asset you possibly can, so 'to whom would we go' if we leave bitcoin?
To me it's an understanding that fiat currency and fiat assets have 'painted us into a corner', both financially and morally, and only bitcoin can get us out, no matter how the price may fluctuate today.
