Analysts Eye Altcoin Season in November: Here’s Why

The talk of an altcoin season is not fading, even as most altcoins struggle following the recent liquidations in the markets. Altcoins have fallen the hardest compared to Bitcoin (BTC), which continues to stay above the $2 trillion capitalization.

The sentiment appeared to be rampant on Crypto Twitter (CT), with Carl Moon and Michael van de Poppe all holding to this idea. Additionally, the behavior of holders of staked Ethereum (ETH) suggested that there was still confidence in the possibility of an altcoin season before the end of the year.

In this analysis, we will explain why the altcoin season persisted despite the struggling crypto markets.

Analysts Eyes Altcoin Season in November

According to Carl Moon, the altcoin season was still in effect, despite the challenges faced by most cryptocurrencies. The analyst deduced this prediction from an analysis of Ethereum, the largest altcoin and the primary driver of altcoin season rallies, such as the one in the second quarter (Q2) of this year, which extended into mid-Q3. During this period, ETH rallied from around $1,200 to $4,900 in a few months.

Through his post on X, Carl Moon wrote, “$ETH massive weekly bull flag forming Gold & $BTC slowin’ down… rotation INCOMING NOVEMBER ALT SZN ABOUT TO GO ABSOLUTE NUCLEAR!” The statement reflected the prevailing market sentiment that could shape the month of November and potentially persist into the end of the year.

For context, the forecast indicated that capital was shifting from Bitcoin and gold, which were weak at the time, as viewed on a weekly scale. The prediction indicated that Ethereum could hit $6,400 by 2026, thus carrying other altcoins with it.

At the time of writing, Ethereum’s price was holding above previous resistance levels while consolidating in a bull flag pattern. Escaping this continuation pattern would see ETH start a rally whose ripple effects would give rise to an altcoin season.

Altcoin Market Capitalization Rebounds

Another analyst backed this altcoin season outlook. Michael van de Poppe noted the biggest bull run ever in altcoins was coming, but only if the altcoin market cap broke above the ATHs of 2021.

The analysts wrote, “What a candle on the #Altcoin market capitalization. The trend remains upwards. We’re still facing the all-time high breakout, which is expected to happen in the coming months. What’s after? The biggest bull run ever.”

The chart showed that the market cap instantly rejected the 20 EMA, whose low was at $1.2 trillion, rising to $1.46 trillion when writing. This was a clear indication that we’re still in a bull market structure, further backing a potential altcoin season in November.

Additionally, the volume was looking good while the RSI stayed above the neutral zone. This indicated that the market was still in control of buyers.

Ethereum Staking Holders Staying Strong

Last but not least, the behavior of holders of staked ETH showed there was still confidence. The MVRV Gap in Ethereum, as indicated by the CryptoQuant post, suggests strength in the current market cycle. The behavior across the months of July, September, and October provided these insights.

With confidence still intact, a reversal of the current short-term downtrend in Ethereum was viable. This added to the potential of an altcoin season play in November.

In conclusion, the views of popular analysts, backed by analytical evidence, suggest that an altcoin season may occur in November. However, there was a need to wait for a broader market reversal in the crypto.