That sounds really plausible but are there so many scared newbies that, that justifies the huge crashes? I almost am at a point where I think bad news? Sell immediately and just buy back when it's gone down some more. I mean it happens every single time. Bad news people get scared massive sell off, price drops few days or weeks later the price is up again. And if not then in a few months or a year. So just selling during the beginning of the panic sell looks like a whole better strategy then only hodl.