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.
I do not agree that altseason has already happened, it has to be over a year passed before the altseason happened from halving time. Halving happened last year, and it hasn't been a full year yet, so we still have some time until we see altseason happen. Sure we have seen a lot of increases in many coins and tokens, but that wasn't it, that was just the period where we go back to previous ATH or thereabouts, we are going to also go much more above it as well.
Look at bitcoin to see, it was around 70k last time, and now it's around 100k, or at least it was, we are going to see at least 150k, or maybe even 200k before we can say we peaked. Same logic applies to everything else too, that has to be the most important part.