Are cryptocurrencies right on the edge of the biggest dump in history?

I have two possible theories for how the crypto markets will evolve in the short term.

The biggest cryptocurrency dump in history will happen in a few days, or
We are currently edging out of the bear trap and we are yet to see the real crypto bubble, which I imagine is absolutely thrilling and terrifying at the same time.

One thing I can say for certain is that in the upcoming weeks we are going to see an extremely volatile period for cryptocurrencies.