Panic selling is not all a newbie mistake. Most of the users here are holders of small Volume of bitcoin. So when the price moves unexpected suddenly users get the fear of missing out the ATH. This will surely make the users go for a selling. This will be used by the large scale investors to profit big.
The market will move like this until August and that is what i think and when the scaling and all the developments are sorted out ,the next big rally starts ,i am sure investors are waiting for these drama to solve the issues within the speculated time and then we will see the market having a good ride,meanwhile expect market corrections every now and then.