iPhone 4 does not support Panorama mode on iOS 6, however, you can use Panoweaver to creat your 360 degree iPhone Panorama photos

It's really regretful that iPhone4 can not perform the same function of 240 degree panorama mode as iPhone5 or iPhone 4s in iOS 6, but don't worry, you can creat a 360 degrees panorama with Easypano Panoweaver 8.20, you can stitch your iphone photo together into a 360 degree panorama with this software, have a try of the free trail version, both for Mac and Windows: http://www.easypano.com/panorama-software.html