The (TOTAL3-USDT)/BTC ratio is one of the best indicators for spotting an "altcoin season." While the current retrace to the range bottom has been prolonged, I believe we still have some time—and more bleeding—to go through.

I’m also hoping to see a shift in quantitative tightening (QT) around these range lows, which would strengthen the case for an altcoin season. Compared to the 2021 cycle, which lasted roughly 1.5 years, this retrace has already stretched close to 3 years.

What’s making this market particularly awkward and unique is the general market’s attempt to fight this retrace. It’s creating a lot of uncertainty, and honestly, anything could happen at this point. While I highly doubt it, even a Fed pivot into quantitative easing (QE) isn’t entirely off the table.

That said, I still believe altcoin season is yet to come. History tends to rhyme, and this cycle won’t be any different.