Don't panic is for those who understand the crypto market, the bear and and its bull run. For those who don't know about the crypto market, it's hard for them to watch how their investment depreciates over time without knowing what to do next, either to sell at a loss or keep hodling for how long for them to recover their money.
Not everyone, should I say, has the mind to stay put without panicking over the Bitcoin price. Those who panic over it, you don't blame them for that, is that they can't control their emotions when they are losing money.