I think the current market still has a long gap with the bull market. The continued downturn in the market has caused many investors to suffer losses. When most people are unwilling to bear the loss, they will sell coins, which will make the market fall further!
I think you're right when you say that the bull market is not going to appear anytime soon but I disagree when you say that the market can fall even further, to me that is not possible since we have gotten rid of week hands and now most people that remain in this market are extremely confident about their decision to hold their coins despite the bad moment in the market, this is why you see the price going nowhere, when it seems that is going up it immediately goes down and reverts back to its normal price.