The panic seller will just do by the short term investor and for those who just know to bitcoin. For long term player especially for those who have intention to choose long term investment will not do that. They will only hold their bitcoin although their fund is decreasing a lot because they know that bitcoin price will go back to the original price even passing the previous all time high.

Also, for those who choose short term investment will think that if we sell their bitcoin is the best thing to do because they will buy when the lower price is being reached. So as they will recover their lose even will get a profit when bitcoin price increasing. The worst case is for those who are new to bitcoin and insist on buying it even though they do not know the characteristics of bitcoin movement, they will only experience big losses.