no, i think we are actually in the "despair" phase instead and the next phase which would be repetition of this whole thing from the start (take off) has not started yet.
in many ways these price levels we are seeing these days (between $10k and $12k) which has lasted a very long time (pre-pandemic era!) is the mean level that price is still struggling to stay above. after getting over this hump the take off will start and when price reaches the $20k levels the sell offs begin and everything else after breaking that resistance.