Panic selling is the worst thing anyone could ever do as it's a self damage which they incur due to rumors, but when it comes to day traders it's more profitable for them during the market fluctuations than the stable period as they make profit out of both the pump and dump. Even I don't personally sell crypto when market is going down but rather I convert them to BTC or ETH for better chance of survival.
Convert the coin into BTC or ETH will be a solution to prevent the losses, especially if we are going to see the price is down deeper. That can be a chance to buy back the coin if the price has already reached the lowest price. But for bitcoin, as long as you don't sell it whenever the price is down, you are not losses, but you still have a chance to see your bitcoin value will increase back. But to know that time, you need to wait for a while and don't panic selling even if the price is down because you use a long term investment strategy.