Since lot of people are in Panic they will start to sell their BTC with loss , Market will be red more than ever before,
So this is how It work:When BTC 2.9K$ Panic will be started, Downtrend will be slowly started too. Price will be dropped to 2.5K$ - 2K$ than Next wave of Panic will be started and price will be fallen to 1K$ and it will stable at 800$.
After every bear market, the price of Bitcoin finds the bottom at a higher level than before and stays on it for some time. If the price of Bitcoin falls below $3000 (which is unlikely at this point, but still possible), I'm sure it will not fall below $2000. I want to say that I do not expect panic sell any more.