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.
As the Bitcoin holders become more nervous (well, agitated) with the H-day getting closer (fear, uncertainty, doubt), we should expect even greater price swings overall with exuberant buying followed by capitulated selling...
And back again (to the new highs and, what's more likely, lows)
Panic buying will not happen to day even if the price is expected to rise after the halving, this is due to the current price of bitcoins that is really expensive and you cannot earn much if you don't have a good capital to invest.