Now, i don't think it is panic selling effect that cause the price to drop sharply.
As I stated on previous post, it is due to policy of interest rate of FED.
I stated early in march that the price of bitcion should be around 1000 - 1200 usd for the coming next 4 months.
And for those who are interested to buy bitcoin, it is time to enter the market as the value is low now.
However, you can't predict those value will go up or down after next 4 months as economy situation will have some effect on it.