Yes, people who usually sell off because of panic are people who don't have good knowledge about Bitcoin. Bitcoin is a volatile asset, and most experienced Bitcoiners are already aware of it, so they can hold their coin for up to five years without selling it.
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Panic selling is always being the big problem for investor and trader in crypto world. As you said they don't have good knowledge and also experience.
Keep calm is not easy, when we see the market down. We should have good prediction and analysis why the market go down.
Talking about experience, pump and dump in bitcoin is nature, If we invest in crypto along time , we don't be panic when down.
By the way, keeping a hold is very easy, a person can hold, but the hold creates a problem at the time when all your dollars are at a loss, that is, you are seeing with your own eyes that the coins that I have bought now am losing 20 percent, 30 percent of what is held, so at that time, the person is very worried, that is, at that time, it comes to the heart of the person that I will just sell t, because I will lose more. Can't, that is, the one who has more loss can create a lot of problems, so holding is a very easy task, but controlling it means bearing your loss. This is the biggest river of heart. Its not for the faint hearted.
The most important thing thing in holding is need too much money. Whenever a person has much money for holding them he can never sell in loss and always will be waiting for profit in these coins which have already down from his buying price.