That's nonsense. The current cycle, which happens to be called a bear market, is over when the majority of the ICOs and short term minded investors have unloaded their bags, and this process could take years at worst.
If you're expecting all ICO gains to be erased or all speculators to leave the market, I think you'll be disappointed. ICO teams are largely selling
because of the bear market, for the same reason that miners are hedging short on their operations. They aren't the
cause of the bear market, which is related to a much larger distribution cycle.
We train ourselves for capitulation events, but capitulation isn't required. Supply will dry up when it dries up. Demand will overtake supply whenever the market says so. The chart will tell us when this happens much more clearly than speculating about ICOs and short term speculators can.