It's definitely a process!
And we've "been here before." A new technology, irrational euphoria, markets go nuts; markets crash as speculators bail; long term investors come in, the good stuff goes back up. Sounds familiar?
It was called "The Internet." Now it's called cryptocurrencies. Where are we? Probably close to getting "oversold" but we're still missing some strong down days on massive volume... that frustration point where everyone "cuts and runs," and the value investors go shopping... because the tech is still awesome. Remember the NASDAQ zoomed to 5000+ before retreating to near 1100. Recently, it has been as high as 7800.
=^..^=