Some thoughts on this moment
Now is an incredible buying opportunity. Yes, it can still go lower. You should probably prepare yourselves for double digits. And it could stay lower for years. As far as I'm concerned, the lower it goes from here, the better the opportunity.
5 year money is almost guaranteed to profit from this price level. Put in 5 year money and you got no worries.
To all you November/December folks: This is normal. Including your freakout. This happens to all of us who buy into the bull. Then we lose our shit. Then we panic sell. Then we think it's all over and that we're idiots and we should never gamble XX% of our net worth. And then, after a while, shit starts picking up steam. And all the folks who are selling now freak out the other way and FOMO in. And everyone on the periphery of this bubble who were unsure and now think they're smart will FOMO in because, "Holy crap I was wrong it isn't going to zero and there is something there!" This is roughly how every cycle has gone up to and including this one. There's no reason to think this time will be different.
Consider how mainstream coverage went on this last bubble. Bloomberg and CNBC every damn day with an update. Articles galore. Fed Chair being asked about it by Congress. Goldman fucking Sachs jumping into the space. Awareness is at maximum. And everyone who sat out this last run will want in on the next. On a global scale. Prediction: the next bubble will be THE bubble. The holy shit, what the hell was everyone smoking, bubble. No one will reference tulips any longer. All future bubbles will forever be compared to THE crypto bubble. This isn't even factoring the non-zero risk of an implosion of the world order as we know it. Dollar collapse. Dark ages. Cats and dogs getting along. And crypto existing as the only conceivable money supply substitute until governments get back on their feet (if they can).
So many good things are still coming. Hype just got smacked by reality. See projects that have achieved real world progress tank hard because, "Oh, you mean you aren't going to be Google on day 2 after your launch? Boooooo. Sell sell sell!" Before long, reality will make the hype seem quaint.
I do agree with Vitalik's sentiment that 1,000x days are over. I'd wager it's more like 1,000,000x days are over. 1,000x is probably max theoretical increase from here (real value). With speculation it could be more. But the days of buying 10,000 BTC for $40 are obviously gone. That doesn't mean there isn't some serious upside still to be had.
Volatility is insane because volumes are insanely low compared to almost any other asset class. Think about that. That means, one day, when this market is mature, volumes will be orders of magnitude higher than they are now. That will almost certainly necessitate a much higher price and market caps. We will reach that day in the very near future.
This shit is programmable money, independent of any central authority. This technology has not existed before in human history. Wrap your head around that and you'll have no worries about the future. It ain't going anywhere. Good luck gang.