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Yup. You need to project complete confidence until the moment you drop out, once you say “This is a hugely important decision, the hardest one I’ve ever had to make, so I’m taking my time” Boom you have lost control and it’s over.
However it appears the writing is on the wall at this point. The next question is, once he decides to no longer run should he resign? If he isn’t up for the job of running how does he instill confidence that he can remain president? Plus it hands the nomination to Kamala no question.
I could see trying to spin it as "As an elder statesman, I don't have it in me to simultaneously run a national campaign and govern the country, so I'll be putting 100% of my focus on finishing out my term and passing the torch to the next generation of blah blah blah."