Lets think about what is happening, if cryptocurrencies were to drop to zero, which is the primary fear of a person who is in the 'panic-selling' mode, then the blockchain technology wont take off. Even a country like India who recently said they want to stop 'illegal activities' wants to explore the blockchain technology. The only lesson history teaches us is, buy when it dips, sell when it peaks
There are enough 'panic-selling' mode people to drop the market. They hear smthng in the news and sell immediately, controlled by their fear of losing the money
However, that's a good opportunity for those who know what they are doing.