One of the distinguishing characteristics of Bitcoin is that it is extremely volatile. This has always been the case until the past few weeks when the price seems to have stabilized in the 400-600 USD region. Of course such a wide range would still be considered extremely volatile if Bitcoin was compared to fiat currencies but do you think that Bitcoin is in the beginning stages of finally converging onto a stable price? Or do you think that there will be more bubbles and crashes in the future?
What is different now from other bear markets? price seems stable beacause there was very low volume last weeks and a reversal is in place.
And there will always be bubble and crashes, it is a deflationnary assets prone to exuberance. As the marketcap will mature, price will be less wild. As more and more people wait for the same wild jump&crash in price, it will correct that by itself.
Though, there will be a lot more bubble and bear markets before marketcap will be usefull for merchants.