Well, it's already been tested. Sort of. I wrote that post based on BTC charts because I lacked the tools to do it with total market cap. While BTC didn't hit the same low low, total market cap DID. In my shorter follow up post yesterday i wrote about BTC no longer being the dominant factor, we should rather be looking at total market cap. Give it a quick read if you have the time.
(No that's not me just trying to shill my post :) )
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Ah, interesting points. I'll 100% check them out tomorrow