I understand many people who expected quick sustainable growth will be very disappointed, especially because they're surrounded themselves with yes-men who even told them in January that the market was just bull-flagging and there was nothing to worry about. But this recovery may very well take the better part if not most of the year if the market truly falls down to its strongest support. The massive bull run that happened in October, November and December took the entire 9 months of accumulation to create. The next bullrun will need an accumulation phase as well. For mid to long term holders, I would wait till April or May to buy in at least.
this projection is based on the following reasons:
1) the 2015-2016 recovery, which is the only empirical example of crypto's enduring a massive devaluation
2) slow accumulation phases following periods of rapid growth, which has been the case with crypto's.
3) a cup shaped recovery is often how crashed markets recover. they test prior supports and resistances.
4) bitcoin only has strong support at the $5800 area, and above that, untested growth. there is a possibility of total catastrophe. we can only hope it isnt totally parabolic and goes back down to 2000. however, my entirely subjective assumption is that there has been real organic growth amongst a lot of this hysteria and hype overall.
5) i do think the market will recover because the trading volume, while lower than before, is still high.