I do not see at this time there was panic, people are still thinking of buying now looks very high price. but probably closer to halving, I think it would be panic.
The bitcoin block reward halving is only a few weeks away. 37 days, and 17 hours to be precise. Most of the speculative buying has already happened. Anything can happen now. Either a big correction immediately after the halving (from $550 to $200?), or another spike ($550 to $1,000+?). Depends on a lot of factors, for example the interest from the Chinese buyers.