BTC will still be over valued even at 1200 USD. We need to get it out of the picture entirely so we can finally have a thriving market where coins are independently valuated and aren't beholden to a centralized oligarch's token. a.k.a. Bitcoin.
Your leaving the lext leg down out of your T/A we are still missing a leg of the correction. A correction doesn't happen in a 2 month span. We are turning downwards now for either a double bottom (unlikely) or the next correction which will push to $3500-$5000