There was a double bottom at $6600, so the support at that level is real steady by the looks of it.

There is a chance that we go lower than the bottom that we already saw, but I don't think that it's a big chance. And if it does happen, it's not going to drop too far below the $6k bottom. I think it's safe to say that we're already in recovery mode.

However, you've just got to be prepared for everything. The bear market could return and take everyone by surprise again, and you don't want to be caught having a lot of BTC that you're not ready to hold for the long run. Just because the majority of institutional investors think that the bottom has already formed, doesn't mean that it's actually going to be the case.