This bear market is different and even more unpredictable than usual. For the moment it looks like any 5% increase is followed by a 15% drop. Nothing has changed since the last ATH. And this can only be explained by a massive BTCictoin spending as collateral to avoid liquidation and insolvency. Nobody knows if in the next days another fund will explode with 10K+ BTCitcoins on fire sell. For that reason most of the investors either lost interest or wait at the sidelines for the dust to settle. The so called institutional investors are hard to attract and even harder to keep when the price is 50%+ below their purchase price. Even if there is a disbelief rally to 35K+ in the coming weeks, the remaining institutional investors will sell at break even and some of the hodlers will sell something, knowing that a revisit to 20K is to be expected. If the pattern of the previous cycles is kept, the average price will gradually increase to 3x from the bottom until the end of 2024. Examples: 10K->30K, 15K->45K, 17.5->52.5K. And if there is a new ATH in 2025, it might be around only 2x from the last, i.e. 140K. This is what I think, but I might be awfully wrong in both directions, like sub 10K bottom and no new ATH in 2025, or the other extreme - a new ATH beyond 300K.