those who panic to sell bitcoin, maybe they are not mentally ready to enter the crypto world, because most of them are still weak, and are still too easy to believe in people's negative posts about bitcoin, they don't have a fixed stance, maybe from that factor they panic and immediately sell their bitcoin when the price is unstable.
Those who panic are usually newbies without a proper mindset. They usually see Bitcoin as a shortcut to success and that they expect a lot of profit from it not knowing how to deal with the volatility of the market. Bitcoin doesn't have a stable price and anything could happen anytime so panicking and holding without patience could really lead to losses.