if I think who makes ICO coin price down is from these factors :
the ICO maker gives a huge bonus, for example the price of ICO 1 ETH = 100,000 coin X and bonuses earned by 50%, then he will get 150,000 coin X, so when coin X enter the exchange, the investor will sell at the price of 1 ETH = 130,000 coin X and he still get profit of 0.15384615 ETH, and if he buys as much as 10 ETH then he will get profit of 1.5384615 ETH and this is only a simulation if the bonus is 50%, so what if the ICO gives a bonus of 100-200%? then I am sure the price of the coin will be greatly decreased.
so I think a lot of people are wrong, who think the factor that makes ICO coins down is the bounty hunter, because the allocation given by the bounty hunter is only 1-3% of the coin sale, so it is unlikely to me from such a small allocation can make the coin price down very much.
this is my opinion, so if my opinion is wrong then i am very apologize to you guys.
This is the fact, ICO price drops because of the bounty hunters, imagine there are lots of participants in the bounty and they sell all their coins what would the effect of the actions in the market, of course it will become red.