So I'm speculating on things here, but why not..
I'm viewing this current phase as a clean up of shit coins in the market, many of the useless alts are being killed, but if I look at some of the low value projects which offer a lot they are holding strong in sat value, I think the whole idea of this down shift is to basically weed out the garbage and open the whole market back up again where the good projects will regain momentum.
I'm not sure where this bottom is, but I think $200-250 billion isn't a bad spot if we predict a longer term 800 billion to 1 trillion market, call me optimistic
We are now sitting at 256 billion as I write this thread, in the past I've noticed the market turn once it hits total highs then rebound once it hits total lows, does any one else have this view or a similar one about this being a clean up process? If this is the case, I think looking at total market value could give an indicator of when things may turn again.
I don't see this as a clean out of garbage coins, but some useless alts are definitely getting culled which is good. Overall though, it's just a normal occurrence after such a bull market that took BTC's profits to 20 fold within a year and 50 fold within 2 years. That had to come to an end at some point.
We are at that point already.
You could be right about the rebound at $250 billion, but personally I think that's just the temporary support. If bitcoin continues its way down which I think it will it'll drag most altcoins down along with it as well.
Realistically, I think we'll probably take another few months to bottom out at around a $150 billion market cap, and then in the next two years gradually build up a slow bull market again. I just think that $250 billion is still too high.