Panic selling is just for inexperience holder of the bitcoin because if you are have enough knowledge you will not do a panic selling.
I am one of those inexperience holders that started to panic when I'm seeing the price of bitcoin to fall but I learned from my mistake and started to focus with the charts. And right now, I strongly believe that the price of bitcoin is going to become higher and I don't need to panic right now, the market of btc is strong.
Yes, to make good money using bitcoin you need to get a lot of patience, because emotions can only be lost.