Analysts cite a classic trading pattern and growth in the altcoin total market capitalization index as proof of an upcoming altcoin season.
Bitcoin (BTC) price has struggled to hold on to crucial support at $64,800 a few days after completing its fourth halving on April 20.
Meanwhile, altcoins, led by memecoins and layer 1 cryptocurrencies, have outperformed BTC over the last week, leaving market participants wondering whether the altcoin season (altseason) is here.
Altcoin season — or “altseason” — typically refers to a crypto market phase where altcoins, surge in value to often outperform BTC.