Why a 30% Bitcoin price crash should not catch you off-guard right now

The Bitcoin price rally halted the moment Joe Biden was announced as the projected winner of the 2020 presidential election during the weekend with price dropping from $15,500 to $14,400.

Bitcoin is still continuously showing strength as it's once again facing the final resistance zone at $16,000.

The Bitcoin's weekly chart shows the resistance zone at $16,000 as the final resistance zone before a new all-time high can be tested.

The weekly chart also shows support levels if the price of Bitcoin starts to correct.

Such a correction would mean a dropdown of approximately 30% for Bitcoin's price.

That date was the actual top for the year, as Bitcoin's price reached $13,700 and has corrected by 50% since.

Bitcoin dominance continues its climb as it always does in the fourth quarter of the year.

Historically, the Bitcoin dominance tops out in December, after which the first quarter of the year is an excellent period for altcoins.

If Bitcoin decides to consolidate toward the $11,600-12,000 area, there's almost no chance that altcoins will go up inverse to BTC. In that perspective, Bitcoin has to establish a range-bound construction giving altcoins some room to catch up.

The best period to anticipate a potential bullish move for altcoins would be when Bitcoin has finished correcting.