I had hoped that a double bottom wasn't coming as bitcoin falling seems to drag everything down with it as of the past few months which didn't used to be the case (mainly I'm concerned with Steem not falling too much more).
But you do pose a very valid argument and the charts are definitely not showing any sign of BTC breaking out of this bear trend yet.
Aside from the charts, big money and the mainstream financial media certainly seem to want a lower BTC price at the moment--Goldman Sachs and CNBC have very clearly demonstrated that. I have a feeling that the entry of institutional money into the crypto world recently is partly what's behind this move down. I think they all want in cheaper just like Jamie Dimon and the JPM traders did when Bitcoin was heading towards the 5K level for the first time (yet Dimon was very dishonest about his intentions and I suspect the other big investment banks / big money are doing the same thing right now).
Apparently you got it right. Eventually wallstreet will let crypto breath.
IMHO crypto alt season is about to start. I think BTC will slowly consolidate and climb back to 12k in the upcoming months.... and that scenario will be great for altcoins to take on % BTC share.