Panic is a bad thing, an investor must have an analysis of when to buy and sell, if we panic then we will not be able to think realistically and only rely on instinct and continue to learn analysis is something we must do to become a successful investor.
It seem that panic is more synonymous with traders than with big investors. People experienced in bitcoin investing know that when there is a price correction, they just have to sit back and enjoy it. If they have more capital then they will also buy more bitcoins at low prices so when the price rebound they will get double return. Market correction and recovery cycles are very common, so when we pay attention to them, we can also take advantage of them.
Some of the big investors can wait long time because they are not in a hurry to cash out their investments.
Whereas, for small investors or traders, it is like their bread and butter, so panic mode is quite normal when they see the price declining or rising.
And most of the time, people are buying when they see the price is going up, it should also be the other way around.
When we see it going down, it is good time to buy. However, it may be true with bitcoin but for other alts, you need to do some evaluation.