It's h4igh time we got used to the idea that cryptocurrency may have settled for its real worth. Besides, without a question of doubt in my mind, crypto has been exaggerated with no particular use case parameter to justify their current market capitalization. Okay, let's adjust that a little. Apart from trading, only a few cases are reported of crypto utility, and it's mostly bitcoin, Eth, and dash. Other crypto rely on these to make up the gigantic market cap.

So to answer you question. Without a bull-run crypto (bitcoin to be precise) will keep going down except utility improves. And utility will not improve until regulation sets in. Regulation will not set in until governments can understand the true value of crypto. Government can't understand as they can see too many variables that will hamper on already established policies... And they are hung up on ICO regulations, crackdown or ban. Can you see where it's going now.

For bitcoin to survive, another bull run will need to occur to lure in another set of naive investors.