I think that we are in a time that the panic selling is already happening and we can conclude this from the bitcoin price, who wouldn't make any panic when the price for only 1 week has been dropped to $313 (until now at the moment of writing) so if people are holding 10BTC there is 3k lost, for 100BTC there is 30k lost and so on, this is really for panic, but I won't sell mines because I hope later this Q2 the price will get higher.
for a small example one of my colleagues here have sold the whole bitcoin he have few minutes ago ,
he decide to take a break after got good profit on altcoin like eth and dash ,
but a little bit dropped when talking about bitcoin .
this is the result of panic selling, direct bitcoin prices plummeted, because they fear getting lower prices when in fact that which causes the price drops are selling on a large scale, this happens because there altcoin prices rise so high that sales mebuat bitcoin getting up