Probably true but two counter arguments

1) when humans adopt network technologies, the majority of people come in as a wave all at once. Until now it’s been entirely early adopters. But once we cross “the chasm” it’s unlikely adoption see the same kind of “bitcoin is dead” pull backs we are used to

2) the newest entrants are large traditional players who will not fomo, but will allocate a weighting, meaning they will sell when it goes up and buy when it goes down automatically to rebalance