Why would a newbie will wait for a bearish period? And yeah newbies tend to exit the market when they saw their money being depleting as they panic sell and speaking of experienced investors too they don't tend to buy BTC by DCA as they also have limits and have to arrange funds, if we take examples of small investors to big investors they all invest after some time and yeah they really don't care for the price last I check big Daddy book author bought some BTC at $70k when last time market pumped.
Newbies in crypto, some of them, with high panic levels, and no knowledge = losing money so easily. and this is a fact that often happens. because they enter crypto, based on FOMO - but they don't understand at all what they should do next. still lucky if they are tempted to take profits when the price goes up, but if they are very greedy and expect more, but in the end the opposite is true, the market is bearish, well, panic will hit and they will cut losses as they please