If someone would have sold for 1100+, they could buy back in for almost double the Bitcoins today. It is something to consider -- even if you believe in Bitcoins, it may be best to sell and then buy back in once the market has bottomed out (this advice would unfortunately have been more useful last week...).
That is a good point, but I never have great success when I'm trying to time any financial market, particularly one as volatile as bitcoin. I think if you're confident in your investment for the long haul, you sleep better at night, and you end up making a lot more than someone who flops around like a sheet in the wind.