Does this mean that we have felt the bottom and there will be a rebound soon? Is it time to buy?
The word "Soon" has a broad meaning.
It maybe a week or a month or in a couple of weeks or maybe 6 months.
Regarding the bottom, I don't think that this is the bottom already. I expect Bitcoin to go as low as $30,000 but I might be wrong. With regards to rebound, it will not happen at least in the next 2-4 weeks. We are in a bear market and this will take months before we might see a upwards movement if there will. If the sentiments will change in the next months then we might see a rebound with the market.
Is it time to buy?? Hell Yeah!!!!!! If you have spare money, just buy those top coins and hold and be patient. We've seen Bitcoin went as high as $69,000 already so many are expecting that this will happen. When? We don't know but for sure Bitcoin will reach that price again.
The bearish season may even last for almost a year if there are really no significant news that will change the market trend. And since the value of the coins are now dependent on the market trends, so more likely there will be a more dump that will still happen soon. And bitcoin will have more chances to reach a lower value like falling below $30k or maybe $20k. So this means a perfect time to buy, as bitcoin is dropping more as well as those altcoins that are heavily affected with bitcoin.