Is possible that people who have coins to not wait more and when they see a grow of price and can make a profit they will sell, but if more people will hold and not sell now they can get more profit over time.
Most of those people are just trying to play smart, they think they are smart but they are not, a time will come that the game will change for them. A lot of them actually have their investment for long term, their utmost decision is to see their investment witness the ATH, but they just feel they can quickly take short profit and buy back believing that when a market pump a bit, it must definitely dump.
When I see activities like this, I see it as purely gambling, the day it will disappoint them is when they sell off and BTC refuses to dump and speedily start increasing, then, they will keep waiting and hoping that the price drop, but it will get to a point that it will become too late, so if they enter the market at peak, it would have even taken the small profit they got.
If we really want to get this market to ATH as quick as possible, we need to continue holding, so that every new investment will continue to add to the Marketcap without any subtraction other than that of trading.