This is why so many people do poorly in markets, whether it's the stock market or the crypto market (what was the statistic? 90%+ of investors, even professional ones, underperform the market). Someone might SAY they are in it for the long term, but if you really listen to them, they are simply chasing whatever is hot for a (hopefully) big gains.

Any pullback results in panic selling, often followed by repurchasing at a higher level on the next runup.

Seen it over and over. Something might go up 25%, 50%, 100%, yet so many people buy/sell on fear and greed that they end up making far less (if anything).

Investing in securities or crypto requires you learn to control your emotions, especially in crypto, and only trade for rational reasons. It's hard to do. Was a very expensive education for me, and I make no claims to have perfected it.