Most users describes selling at a lower price on experiencing the ongoing increase in price as the mistake done in 2016 with bitcoin. But in reality at that instance they were in need, else they won't cash it out. People who consider it as a investment will continue to hold for a long, others mostly cash out depending upon their needs.
This thing is the most common would happen on most bitcoin users because they sell off their bitcoin on cheaper prices because of needs and you are right those people who treat bitcoin as an investment would surely hold off long to their coins.We made the same thing of selling our bitcoin on a cheaper price.