Wen Altseason?

Altseason has remained elusive this bull run, frustrating many altcoin bag holders who’ve watched their positions underperform Bitcoin. Back in November, we flagged early signs of a potential altseason, but the momentum fizzled out before it truly began. Now, six months on, it seems we’re starting to see those familiar sparks again.

This cycle has been markedly different from previous ones. Bitcoin has surged ahead, leaving much of the broader crypto market in its wake. We've seen short bursts of strength in isolated narratives—ISO tokens, newer Layer 1s like Sui, the Solana memecoin frenzy—but none have managed to sustain outperformance over Bitcoin.

Yesterday marked an interesting shift. While Bitcoin traded relatively flat, closing down 0.3%, Ethereum and Solana both surged. ETH ended the day up 6% after an intraday rally of 13%, while SOL gained 5%. This hints at some capital rotation from Bitcoin into key altcoins—historically, a reliable precursor to broader altseason behaviour.

Another critical metric to watch is Bitcoin dominance (BTC.D). After reaching a multi-year high of 65% on Wednesday, BTC.D has started to pull back, now sitting roughly 3% below the peak. This suggests an ongoing rotation into altcoins. However, dominance still sits above 63%—a level historically too high for a sustained altseason. Real altseasons typically begin when BTC.D drops below the 45–50% range.

So while these sparks are promising, patience is required. We’ve seen false starts before—like in November and December—where altcoins rallied for a few weeks only to tumble into multi-month downtrends.

Bittensor reached our initial target of $440 yesterday but, as anticipated, faced resistance at that level. This now confirms $440 as a resistance zone, with support holding near the top of its recent consolidation range around $390.

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