Just think of a plain picture, bitcoin price was good until the end of February even the virus is already in China in December 2018, and the bitcoin price plummeted when there is a proclamation of quarantine in many countries, in that picture you could simply assume that people has been covered with fear and they sold their asset to buy a longing necessites.
Then how can you explain that the price quickly regained?
It is true that there are some of those people that panicked, but are those people really panicking about the fact that there is a pandemic? We don't know if they are just scared of what may happen or affected but obviously there are those that sold theirs because of the essentials they need to buy, for the sake of their safety from the virus. Can we really say that all of those people panicked and sold because of the pandemic? As an investor, knowing that people would be doing the same, you would be riding the bus early, right?