The reason why some people panic is not because they don't know the volatility nature of Bitcoin but rather the reason why most people panic is because of wrong investment approach, especially those who are Investing for short term, once they invest more than they are suppose to invest because of the feeling and hope that the price will go up and unfortunately the price start dipping they will surely panic because they have made a very big mistake and that is the reason why we should not invest for short term and should not also invest with what we can not afford to let go because it will make one to be monitoring the market which is a stress and waste of time.
You are right about what you said here, just you have said already, the two things that makes a bitcoin investor panic anytime their is a dip in the market first is either that person is a newbie that knows nothing about bitcoin and it volatile nature or that person is investing what he cannot afford to lose, but if a newbie investor has knowledge about bitcoin and it volatile nature, and he is investing an amount he can afford to lose, he will definitely not panic anytime their is a dip in the market.