Even if there's an almost certainty you'll make money by buying at this levels and waiting some years? (meanwhile you still receive some dividends)
The true buy and holders still have their money in. The investors who have taken their money out are scared shitless. Not beause of the drops over the year but because of the month to month consolidations and rises only to be followed by another horrendous drop where most of those investors sell out of panic. The investors/traders you speak of are traumatized by the month to month time frame. They have been taught their lesson. Just look at the last year. Big fall. Big Rise. Bigger fall. Big rise. Fucking massive fall. Big rise. Another big fuck fall. Big rise. Hmm I wonder whats next? The only people buying right now are either completely new investors or people who are about 100k in the hole.