The market is bad when it is all in red and bloody. It is good when it turns green and I believe that is normal. There are so many newbie investors and panic sellers so we expect heavy selling and continued downhill at the moment plus there is also manipulations in the market which many are observing during bear season, so the bouncing of the cryptocurrencies and altcoins are instead delayed due to the facts that manipulations, panic selling it creates has greatly affected the market.
Someone who does panic selling is not just a newbie, there are many people who are already familiar with cryptocurrency who become panic sellers. I don't think panic selling is a negative thing when heard, whereas panic selling can be used as a strategy to get profit. Panic sellers also see a lot of information when deciding to sell their investments, I mean being a seller will get a profit because someone can buy the investment when it is at a lower price, or it can also save a large loss if it keeps holding the investment.