What can cause dizziness/panic while laying in bed?

Mental vs Physical: I would get checked out by a doctor to start with. The problem could be physical in nature. There could be a problem with you heart or your lungs or your ears or a combination of causes. I wonder your age and when it started? You need a physical examination after a careful history is taken. You may require some additional tests such as blood work. It's possible it's serious, so see to it soon.