There's doesn't need to be "mass panic". That's not a necessary requirement to determine whether the bottom has happened.
Mass panic selloff - despair - indifference - the time of low interest by general public, and active work by the core supporters -- then natural growth from inside, caused by the persistent work of real value creators, such as developers, adopters and promoters.
I believe before BTC can grow again, there should be new achievements to show, and more healthy community caring about fundamentals, not just price.
This is how I see normal way of resolving the consequences of the latest bubble.
I wonder how do you see the possible path? Do you really think BTC is ready for another rally in this situation now?