I don't think that this is the forum where people panic about bitcoin. However answering to your question: People panic because they have always done so on the bear market. It doesn't matter if it's a crypto or not, it's the market cycle and there are even technical analyses based on such human behavior (elliot wave). Markets move in cycles because it's sort of mirror of human behavior, it goes in cycles too. If you are not part of it, consider yourself lucky as markets are rigged against feelings and you can play with them if you can detach yourself out from fear or greed.