Yup I fully agree with you. I am panic holding as well because I am scared to sell too early and get screwed by accepting a much lower price than what the potential price may be down the road. Plus I have invested in Bitcoin what I can afford to lose so no panic selling for me and I will wait to the very end before unloading the stash
But some people are selling it too early and that is bad because they can earn more money later.
Different people have different goals in their mind, if someone who had bought at $220 price would prefer to sell some of his coins at current price as he is earning good profit from it.