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.