As per the current panic situtaion since I am a newbie to bitcoin and already holding loads of bitcoin , Shall i hold it for long .I mean any idea in how much time frame can the price go back to normalcy of 1200$
While this should probably go to speculation, it really depends and there are a lot of factors that affect the market. The last time we experienced a dip like this (somewhere close to just over a week ago if I'm remembering correctly) it did recover to about $1.1k, I don't remember if it went back to $1.2k in that upswing.
In other words, there's nothing to really determine what's expected beyond listening to news and so.
Also, $1.2k was never "normal". It was a consistent value for a month and some, but that is one of the most abnormal prices we've experienced.