I believe there is 3 reason why people panicking. First, uneducated, that's why many people didn't have enough knowledge about how promising cryptocurrencies is. second, is laziness, not all people want to wait for the price to come back up so they partially cut their losses. and the last is FUD, I'm sure the FUD is strong enough, neither it from the government or from the uneducated people.
Bitcoin has been on a down down trend and its been accelerating. No one knows where the bottom is, just be careful. We could definitely see it fall back to down to $2000.