Is Altcoin Season in November Possible? Analysts Explain
Analysts suggest altcoins may stabilize and rebound in November following October declines, citing key market indicators.Summary
Following sharp declines in mid-October due to market deleveraging, analysts suggest altcoins might be entering a stabilization zone, potentially leading to a short-term rebound in November. The OTHERS/BTC chart, representing altcoins excluding the top 10 against Bitcoin, has shifted into a "Stabilization" phase, according to Altcoin Vector, which anticipates relief rallies rather than a full altcoin season.
Conversely, some analysts are more bullish. Michaël van de Poppe noted that altcoins are undervalued relative to historical bottoms like Q4 2016 and Q1 2020, periods that preceded major rallies. Furthermore, analyst Javon Marks pointed out that the monthly RSI for OTHERS.D (Others Dominance) has reached its deepest oversold level ever recorded, suggesting seller exhaustion and a potential bounce.
Despite these positive technical signs, overall market sentiment remains cautious, with the Altcoin Season Index below 50 and lingering investor fear, contrasting with environments preceding past November altcoin seasons.
(Source：BeInCrypto)