I think we are at or near the altcoin correction cycle bottom for the following reasons:
1. RSI has bottomed out (near historically low levels, that usually indicate a reversal is upon us)
2. Over 50% correction since BTC hit 13.7k at the cycle top. In bull markets, the altcoin market typically corrects about 50-55%.
3. Price far below the the 200 MA. Usually doesn't stay below the line for too long in bull markets.
Don't think there is much more room to the downside, for either BTC or alts. -30% BTC and -50% ALTS would indicate we have hit the cycle bottom. I expect price to stabilize for the time being, and start to slowly increase to keep pace with BTC once it is back on the climb. Once we hit the previous cycle top of BTC (13,7k) I expect alts to have a nice short term gains. The next important marker for alts is the BTC ATH. Once that is hit I expect retail to FOMO in to the crypto market with the mindset of buying nominally cheaper alts, creating another alt season. Once that has happened, I will consider it the end of the accumulation phase and the beginning of another great crypto bubble fueled by the same gas; media hype, FOMO, and greed.
1. RSI has bottomed out (near historically low levels, that usually indicate a reversal is upon us)
2. Over 50% correction since BTC hit 13.7k at the cycle top. In bull markets, the altcoin market typically corrects about 50-55%.
3. Price far below the the 200 MA. Usually doesn't stay below the line for too long in bull markets.
Don't think there is much more room to the downside, for either BTC or alts. -30% BTC and -50% ALTS would indicate we have hit the cycle bottom. I expect price to stabilize for the time being, and start to slowly increase to keep pace with BTC once it is back on the climb. Once we hit the previous cycle top of BTC (13,7k) I expect alts to have a nice short term gains. The next important marker for alts is the BTC ATH. Once that is hit I expect retail to FOMO in to the crypto market with the mindset of buying nominally cheaper alts, creating another alt season. Once that has happened, I will consider it the end of the accumulation phase and the beginning of another great crypto bubble fueled by the same gas; media hype, FOMO, and greed.