Re: panic selling

it allows smart traders to benefit from that situation and buy up at lower prices.

Exactly. If BTC fell to $600 I would be panic buying.
Even if I lost money now, I look at is as a long-term investment.

Every day we see a sharp drop of $10-15 and then it goes right back up.
I guarantee there are some people buying a large amount of coins during those hours.

That could be too early to panic buy at $600. Maybe it is better to buy a lot when the price drops to $560.

Yeah 500-550$ seems a pretty low point to get more bitcoins. I am not buying any coins at the moment but would also not sell them. Even if the price starts dropping.

$500 mark up would be the best time to buy and you can gain profit when the price bounces back then its a sure amount. Many would probably panic buying when that time comes. I would hold my bitcoin as of now waiting for the possible lowest price would bitcoin have.