Availability Bias

Judging how likely something is by how easily an example comes to mind.

Availability bias makes vivid, recent or heavily reported events feel more probable than they are. Investors overestimate crash risk shortly after a crash and underestimate it during long calm stretches, because memory, not frequency, is doing the estimating. It is one reason risk appetite tends to be highest exactly when caution would pay best.

Availability bias had him convinced a crash was imminent, mostly because the last one was still fresh.