I personally think that we're closer to the bottom than the top. Just like any asset class market cycle, I don't see the current bear market lasting forever.
I agree with your opinion that we are close to the bottom since it seems unlikely to me the price can go that much lower, but now the issue is how long it could take the market to begin to recover, in my opinion at least another year is necessary and it could take even longer than that and it means a huge deal of investors that are close to their limit will probably get out of the market and forever lose the opportunity to recover the money they lost during the crash.