Who are panic sellers to you, those who sell at anytime or those who sell when the value is falling. Everyone has a reason why they sell. Some as little profit that they make on their investment, they sell. It is mostly not right and may contrribute to the fall in price of btc, but it looks more to people as a game and so they will do all it takes not to lose.
I agree, that everyone has a reason why they sell. In my story, I sold my BTC when I am in need to the pay the bills, that was an expected because we ran out of money and that time the BTC is falling down but I don't have a choice. I closed my eyes when I sold my btc. Its hurt!
And lastly, My worst experienced in panic selling when someone told the dev is running and I immediately sold all of my tokens. After a few minutes, I realize to go in telegram to gather a fact and boom the community is taking control over the token. I tried to buy back but I got only 65% of what I sold.