Keep in mind, many Mainstream investors joined Bitcoin this cycle

Keep in mind, Mainstream joined Bitcoin this cycle. They don't care about any FIAT vs Bitcoin stories. They care about ROI. They bought between 100k-125k. They joined because of FOMO, some because they started to believe in the legitimacy it has gotten in the past few years. And all of them have never gotten any positive results from their investments yet, only downward trends for months and now even dropping to 40-50%. It is very discouraging for them and many only hold because they don't want to liquidate on this massive loss, sunk cost fallacy.

And this is the main danger. Veterans don't care about the dropping price. The mainstream investors are going to pull us all to the floor as they are not loyal to any asset but to ROI. They need to see rewards or they jump ship. Problem is that Bitcoin tends to stay for over a year or two until it recovers to their 0% ROI, where they fear further drops during all those months and they doubt the 4 year cycle. The sunk cost fallacy is only holding for so long before they start to find a way out

I think this aspect is not looked into enough. We are dealing with bitcoin holders who are scared, discouraged and never saw any success with this asset. and people who don't have decades to wait for their retirement (most money are held by older people)