$PI A brother left a comment in my comment section, and I think it makes a lot of sense. Sharing it below:

Not everyone is waiting to buy at a low price. There is always a group of people who remain indifferent before seeing any hope. When they see continuous rises, they immediately feel they might miss out and rush to buy high, expecting the price to keep going up. As a result, they buy in at the top and immediately see a pullback, getting trapped. As you can imagine, they then face a long wait to break even. Once caught in this situation, they just hope to get out quickly, not thinking about making a profit. This group of people is commonly known as 'leeks'.