Assets can fall further. Much further. Telling people to “hold on” is only correct if this is the bottom, which is basically impossible to accurately predict. Being able to do so would make you incredibly wealthy.
If it’s not the bottom, selling and holding cash and buying in when the market is lower is a better play. Basically, it’s better to lock in 10% losses and buy back in at the 30% loss point then to take the 30% losses.
It has many directions, not none.
Same problem, different cause.