I don't think that the concerns of investors that panic have anything to do with the fact that they haven't seen a bull run yet, but it's just that they can't see their portfolio losing value and when they see that happening, they start panicking because they feel that their investments will keep losing value and might even lose everything they have invested.
But this is something that can rarely happen to Bitcoin investors, unless someone invests in some altcoins, where the value can drastically drop until the investor is left with not even 10–20% of their invested amount. If someone actually invests in Bitcoin, then there is nothing to panic about because we are not yet in the main bull market; it's only newbies that should even panic because they are not well experienced and educated about everything they need to know about Bitcoin. Even if the price drops, then it's a good opportunity to buy more and prepare for the bull market that has not even started.