Cryptocurrency market cycles are not much different than any other asset class or market cycle. Although no two asset classes are the same, the cycles do have similarities in bull market cycles as well as in deflation or recession eras.
As you can see in the chart below provided by Wall Street Cheat Sheet, the depression phase will be followed by a period of disbelief.
The market saw an incredible run in 2017 and has since seen a massive retracement since hitting all-time highs on January 8th. Because the market recovery has been slow, some are concerned about how long, investors will have to wait for a recovery.
The question is, what phase are we in. Have we passed the anger phase and moved on to the depression phase yet?