Analysts believe Altseason is loading despite November’s brutal losses

The recent market collapse has been particularly brutal for altcoins, pushing many of them back to bear market lows.

Altcoins are back in the doldrums, with most of this year’s gains wiped out in a brutal November that saw more than a trillion dollars exit the crypto markets. Analysts have been watching the TOTAL3, or total market capitalization excluding Bitcoin and stablecoins, for signs of capital rotation.

‘Stock money lizards’ said that altcoins feel dead, but that money is actually turning into stablecoins in preparation for the altseason.

“Bitcoin dumps → Money to stables → Stables waiting → Then turn to alts. We’re in the waiting phase. Altseason (as much as I hate the term): loading from here.”

Market cycle not over yet

MN Fund founder Michaël van de Poppe echoed the sentiment and stated on Thursday that this is not the end of the bull market: “It is the end of the bear market for altcoins.” He used the business cycle to illustrate when altcoins have historically rallied, adding:

“I really believe we are in a much longer cycle and that the classic Web 3 cycle of just four years does not exist. It is a vastly different cycle and the opportunities are everywhere.”

This is the best visual representation of this cycle.

It’s not the end of the bull market.

It’s the end of the bear market for #Altcoins.

I continue to say that today’s opportunities are huge, once-in-a-lifetime financial opportunities.… pic.twitter.com/1YM4gW5sqQ

— Michaël van de Poppe (@CryptoMichNL) November 26, 2025

Meanwhile also analyst ‘Sykodelic’ looked at TOTAL3 and said: “Things honestly couldn’t look any better here. I know this correction has been tough on holders.” They compared the charts to the last cycle and noted that “we are in the exact same position before the mega-altcoin expansion,” and not yet at the end of the cycle.

Altcoin recovery slow

Altcoins have slowly recovered, with many of them dumping 50% or more in November. Nevertheless, most of them are in the green today as BTC has recovered $91,000 and ETH $3,000.

Bigger gains were posted for BNB, up 3.6%, Hyperliquid (HYPE), up 5.9%, and Avalanche (AVAX), up 5% on the day. Moreover, the total market capitalization has increased to $3.2 trillion, but there is still a long way to go to return to October levels.

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“Every week another indicator points to a HUGE ALTS RALLY. When this happens, the biggest alt season will be upon us,” said analyst Alex Wacy, who shared the altcoins-to-Bitcoin ratio chart.

Something strange is brewing on this card.

Every week a different indicator points to a MASSIVE ALTS RALLY.

If it succeeds, the greatest altseason will strike.

But at this rate it looks like we won’t get it until 2026. pic.twitter.com/m1axJOQ1zu

— AlΞx Wacy 🌐 (@wacy_time1) November 26, 2025