I don't like the amount of negativity within the cryptocurrency market. The S&P and NASDAQ seem to have bounced back nicely, while bitcoin and other cryptocurrencies are breaking new bottoms. Had it not been for FTX, there probably would have been a bounce as well. Maybe it will happen with a delay when things settle down. As for your chart, it reminds me of May-July 2021 before bitcoin went to new highs.
I'm probably guilty of some of that negativity, but I have to insist it's only for the short term, and only with due respect to cycles -- we're undoubtedly in a downturn. The problem now is no mitigating circumstance. Just industry-specific problems, FTX and others that are obvious, but I feel like there will be more, funds themselves are saying they expect surprises around the corners once liabilities are made known.
So I can't see us turning round the corner just yet.
Not saying there isn't a corner, and light at the end of that.