To me, it looks like the panics are caused by someone with craploads of Bitcoins. It looks like someone starts making a series of big sells, which causes other people to panic sell. Then, when downward momentum has died down, they quickly buy back. All this happens so quickly, I think it's actually someone's bot.
I'm curious what data you analyzed to come to this conclusion. Do you have access to data that would allow you to associate sales with individuals? That would be awesome data to have.