No it is not panic time because even if it falls bitcoin will go up again that is what i like about bitcoin once it fell from 7.2k to 5k in a couple hours and the next day it was at 7.5k it has even grown more then it was before.
Yes,we must not panic but you are not giving any good reasons why we must not panic. I think the most popular reason why is people tend to take advantage the price of bitcoin.
Many people after it hits ATH every month, wants to have BTC and save them for the future, but the thing is they do not know when to buy it, so they wait for a good price to buy, and the good time is when it dumps.