It doesn't feel to me that we really have 'blood in the streets' yet. Remember what it was like after the rally to 266 when in early July we were trading in the 60's? I don't think there's anywhere near as much despair here now as their was then....
I remember well. I even panic-sold some coins.
I don't feel that panic yet at all, I'm quite calm in fact. So I agree: we're not there yet.
On the other hand: I haven't been an observer of markets for long enough to acknowledge as fact the necessity of blood on the streets for a bull market to start up.