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.
I think we really don't know where we are at the moment and what's still ahead of us! We could go either way now. But I really believe we could go well into the $300s, and maybe even be driven below that - due to panic. And that's why I decreased my position moderately, just to be able to buy back if coins should become super cheap, or to not loose my whole investment.