You are right, There are people who benefit when panic sells happen by buying at a lower price and there are people to panic sell and make loss. But expecting much of a logic as to why it happens leads you to one answer only and that is 'unknown'. That is the reason nobody gives you surety about the dynamics of the market. Markets and prices fluctuate due to N number of reasons. Long term players and analytical minds only survive.
Anyhow I will surely check your post and give my views. Good luck to you