This is a major total market cap correction. In the previous two corrections in July and September 1d RSI 14 got below 30.
To reach to the target price I charted two fib retracements for the two sharp price falls. The second fibonacci retracement gives a target price of $9100. The total market cap might fall below $500 billion.
Moreover, after the target price is reached, I think the bitcoin price will converge towards $11k oscillating between $14k and $9k. The time window seems to be until March. I'm not sure if this can allow the existence of a complete #altseason.
A more likely scenario would be that there will be a slow and steady rise of altcoins while bitcoin will converge to $11k and we will pass beyond 1 Trillion USD market cap by March, when we can see another 30%ish correction . Then alts and bitcoin will moon together until the summer and we will see another major correction in June-August timeframe.
To reach to the target price I charted two fib retracements for the two sharp price falls. The second fibonacci retracement gives a target price of $9100. The total market cap might fall below $500 billion.
Moreover, after the target price is reached, I think the bitcoin price will converge towards $11k oscillating between $14k and $9k. The time window seems to be until March. I'm not sure if this can allow the existence of a complete #altseason.
A more likely scenario would be that there will be a slow and steady rise of altcoins while bitcoin will converge to $11k and we will pass beyond 1 Trillion USD market cap by March, when we can see another 30%ish correction . Then alts and bitcoin will moon together until the summer and we will see another major correction in June-August timeframe.