Personally, I think we still have a ways to go down in BTC price before we truly see the depression phase sink into the markets that always comes after massive euphoria. A lot of people are still sitting on gains from holding coins and have yet to get shaken out. People that got on the ETH & EOS trains early last year are still sitting on 5-10x gains. I think this is one of the reasons they are down much more than Bitcoin over the past few weeks.
We are somewhere between "capitulation" and "despondency"...when we see the true believers from years past start to show signs of "depression", we will know the bottom is close. People giving up selling their stakes and moving back into stocks and bonds, CNBS stops reporting on BTC everyday because "its dead", suicides due to massive losses, developers getting jobs in Fortune 500 IT departments as service techs...these will all mark the signs of the bottom. My guess is somewhere south of $3,000 on BTC, $150 on ETH and I hope we test sub $2 on EOS so I can back up a small truck.
Where do you think we are in the phase?
I am Lord 
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