Veteran trader Peter Brandt believes the long-awaited Altcoin Season has officially begun. Taking to X, Brandt posted a bullish chart featuring a classic cup and handle pattern on the TOTAL2 chart, which tracks the total crypto market cap excluding Bitcoin. According to Brandt, this formation signals the start of a major rally for altcoins.
At the time of his post, the altcoin market cap stood at $1.39 trillion, with the chart projecting a potential surge toward $2.78 trillion—a doubling of current valuations if the breakout holds.
Crypto analyst Jelle spotted a similar bullish formation on TOTAL3 (which excludes both Bitcoin and Ethereum), noting: “One last hurdle to overcome, but once this clears $1.1 trillion, everything goes nuts.”
Another well-followed trader, Stockmoney Lizards, highlighted a breakout in the TOTAL3/BTC chart, indicating that altcoins are beginning to outperform Bitcoin, something not seen since November 2024.
Ethereum (ETH) is playing a key role in this potential altseason. It has jumped 21% in the past week and is trading above $3,430 at press time. Analysts suggest this is evidence of a rotation of capital out of Bitcoin and into altcoins.
Adding to the signal, Bitcoin dominance has dropped to 61.8%, suggesting altcoins are gaining market share. Popular analyst Mikybull Crypto noted that Bitcoin dominance has fallen below its 50-day and 100-day moving averages, describing this drop as “massive for altcoins.”
Despite the excitement, some experts remain cautious. OG Bitcoin investor and YouTuber Jeremie Davinci tweeted, “Altseason hasn’t started, but when it’s here, most will be too late.” Others on X dismissed the altcoin hype as “scam coin season.”
Data from Blockchain Centre’s Altcoin Season Index shows that just 39% of top altcoins have outperformed Bitcoin in the last 90 days. For an official “Altcoin Season,” that figure needs to be at least 75%.
