This panic syndrome will do its job, I think that they will now sell their bitcoins very seriously, because they want to save at least something, but this is just an illusion of what they are actually cooking.
Yes, it's definitely panic and weak nerves push people to sell their altcoins. They initially did not believe in cryptocurrency, but just wanted to earn money, so they acquired a cryptocurrency and now sell. This is predictable when the market falls, but I believe that the weakest investors will eventually leave and the market will become more stable and the growth and development of the cryptocurrency industry will begin.