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He did drop out at the perfect time though, that could have been strategic
Less than two weeks before he dropped out, he wrote an open letter to congressional democrats in which he wrote:
Unless this was all part of an elaborate hoax, it's clear he had no intention of dropping out at that time.
I don't think it was a hoax, but campaign 101 is to be absolutely confident in your candidacy until the nanosecond you drop out. If you telegraph weakness to the voting public, and then end up staying in the race, that will be a millstone around your neck. Even if he was wavering in the weeks leading up to his dropout, there would be zero upside to communicating that publicly.
It's possible, but I personally don't buy that argument. He didn't have to sit down and write that letter, but he did. That, plus the interview where he said that "giving it his all" was "what it was all about", seemed obvious to me he was all for holding on tight despite everyone's concerns.