When the market finishes its bull run and begin a bear phase, people don't believe it, hesitate to accept a fact. When they accept a bear trend, they sell in bottom lines.
Quick question though, are we bearish or still bullish?.
It's quite difficult as the rate the market switches it trend is unpredictable. Few days we're all bullish, everything is moving smoothly and he price of our favorite cryptocurency are doing great numbers and giving impressive returns of investment then the next second everything goes wrong.
Lets not forget too that our emotions is still having a major impact on the market due to the fact, most of the investors are immature to handle risk of the market as a result of not having prior experience, you can't just expect them to identify this switch of trend.
Also let's not forget there's also the YouTubers (community) giving them false hopes of the market still been bullsih which makes them keep believing and not securing their profit or cutting down their losses.