Most people won't be defeated by the decline, only by time, by the long cycle of adjustment.

For example, during a bear market, the price drops and bottoms out after a year of fluctuation,
and it takes at least another two years to return to a new all-time high.
From the peak of 126,000, it takes nearly three years to recover, and most people won't make it until that day.
Many lose everything through frequent trades along the way.
If the market hits new highs every year, then there are still quite a few who make money, because most people can endure for about a year.
But the key is that the bull-bear cycle takes several years.