If small investors still believe in Bitcoin, it sheds a signal that we don't get a bottom range yet. The psychological cycle of market is repeated and bear market only comesto the end if small investors give up and feel very anger.

I think Bitcoin is in accumulation, not side way for a good bounce in a few months. After that, we will see another dump to wash out most of small investors. After a wash out, the market will have a long side-way to wash out rest of small investors. It will be very long waiting time to see ending of this bear market.