That is interesting, but the thing is that phenomenon is merely an illusion as the cryptomarket is almost always BULLISH (at least in the long term), so as long as you take ACTION you will most likely have some gains.
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I would say you are right, in part. Indeed, Crypto Market is a bull market in this period. And this is especially due to King Bitcoin. :-)
I learned during the trading years that it is not good to leave the guard down the capital markets. A bull market that goes up for years becomes more and more dangerous. Now that we are referring to the Top 10 Crypto market (market cap) coins even if it was wrongly bought near a top if we have enough patience we will come to a profit moment. But that involves a lot of stress ... I give you an example of ETH. Who bought in June area 350-400 usd had to wait almost 6 months to enter the profit. ETH exceeded 400USD at the end of November. In six months, they could make nice money on other coins. What I'm saying is that the losses can be recovered here. Bitcoin, a mis-purchase under the influence of FOMO, would have been quick to profit.
Otherwise the situation is with a lot of other coins. There's a FOMO purchase that can mean a disaster for the portfolio. There we have no guarantee that the whales will return to raise prices after a 50-75% drop. There are many examples of this kind. The most well-known is Doge. There are many prisoners in Doge who may never recover their losses. Doge probably will never reach the previous maxims. Or it could get there, but it would take years. I read various stories on these topics, on various forums.