I think we still have a long way down, it was hard to find any projects that are generating meaningful revenue, something that creates real value for the world. Only Real value can get us out of this mess. Everybody was focused on making quick money. We actually wrote an article called:

Problem with ICOs: you can make more money by pretending to work than actually working, nobody will actually work.

50% of the top 10 are still useless pump & dumps or literally scams. As long as that's the case you should expect Bitcoin to continue to move down. Smart people know that blockchain is a technology plagued by scams. All those scams and useless companies are having a really hard time to survive because they never even tried to great revenue generting value. Their funds are getting low now and over the next 3-6months most of them will die.

The companies that focused on building something will thrive as the competition are all gone. The value and revenue that these companies will create will show the world crypto is more than a scam, which will push in new investors.
And the whole cycle starts over again