I think a fair market price for bitcoin was the ~6500 that it was stabilizing at for a couple months before the BCH split chaos caused the crash, so yeah i'd say the price is depressed right now. Don't think I'd call it a reverse bubble, but if the market were to keep panic selling from here down to 2000s or 1000s then yes that'd be extreme I think you could call that a reverse bubble.
The "fair market price" is what the market says it is. On the way up, people say it's Tether printing or the Willy Bot. On the way down, they say it's whale manipulation, or now it's the BCH split. There's always a narrative.
I say it's just fear and greed, euphoria and despair, playing out. The explanations don't matter. Willy Bot or not, people were paying those prices at that time and that's what matters. That's the fair market price. The same thinking applies now.