For an aeroelastic system of a two-dimensional elastic panel subjected to an impinging inviscid oblique shockwave, the nonlinear flutter characteristics are affected by many factors such as shock impingement location, cavity pressure and initial perturbation. The effects of the above factors on the variation of system bifurcation type and dynamic behaviors are investigated numerically. A low-fidelity computational method coupled with local piston theory and van Karman plate model, and a high-fidelity computational method coupled with Euler equations and finite element model are used for fluid-structure interaction simulations. Two sets of new findings are unveiled. First, either the variation of shock impingement location or cavity pressure can induce the aeroelastic system to transition between a subcritical bifurcation and a supercritical bifurcation. For some cases, the system bifurcation characteristics exhibit strong sensitivity to these two factors. Second, it is found that in addition to the limit cycle oscillation in the form of a combination of the second and third structural modes, multiple stable limit cycle oscillations due to the coupling of higher-order modes can be triggered by suitable initial perturbations. These limit cycle oscillations have high frequencies and amplitudes, which suggest a higher risk of structural fatigue failure.