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.
And if you are going to become more patient as the price of bitcoin is going to increase for some more and I think this is unstoppable right now. Those panic sellers are also happy right now and they don't intend to sell some of their holdings because they are seeing that it will give them big profit when the price starts to increase more.
You know, this excitement in the market and panic is created specifically, because even at the forum there are enough topics with relevant questions.
You add satisfaction too, there are traders that set a specific target price no matter what happens as long the price went through to that price, they will sell. And probably those big bag holders are selling when they started to see their satisfying price. When that happens, the price starts to fall and volumes of small time traders are following.
There are a lot of traders like that, setting a goal so they can avoid regretting that they didn't earn something from the pump but these is also not a good thing sometimes, they may be called as a scaredy cat because they are scared not to take some risks which is needed asa a investor. We need to take some risks so we can earn big.
Because for them, profit is profit no matter what will be the next price of once they reach it, they will sell it. I'm not going to address them as scaredy traders, it's a strategy that is giving a big impact to the whole bitcoin economy. Because big bag holder starts to sell, others will follow because of the movement it gives to the market.