After the October crash, the cryptocurrency market came under pressure and confidence noticeably weakened. Many analysts still believe that the real altseason is far away, but some signals are already starting to change investor sentiment.
In November 2025, amid shifts in market psychology, technical indicators, and an influx of liquidity, forecasts about the possible start of a new bull cycle for altcoins are becoming more frequent.
Bitcoin dominance points to possible capital rotation
One of the key indicators being closely watched now is Bitcoin dominance (BTC.D), that is, the share of BTC in the total crypto market capitalization.
According to market data, the indicator began to decline back in June, then recovered in September, but never returned to previous highs. At the time of publication, BTC.D was 59.94%.
Bitcoin dominance chart. Source: TradingView
Despite the attempt to bounce, analyst Matthew Hyland believes the structure remains bearish.
“Bitcoin dominance has looked weak for several weeks. The current bounce is not a reversal, but rather a dead cat in an ongoing downtrend,” he noted.
Michael van de Poppe compared the current phase to the end of 2019 and the beginning of 2020. Back then, BTC dominance first declined, then temporarily recovered, and then sharply entered a new downward impulse.
According to van de Poppe, the market may now be at a similar turning point. The analyst expects another drop in BTC.D in the current quarter.
Comparison of BTC dominance patterns. Source: CryptoMichNL/X
Trader Don also pointed to a developing “head and shoulders” pattern on the dominance chart — a classic reversal signal. If the structure is confirmed, BTC.D may continue to fall and capital may start flowing into altcoins.
“The rotation season may be closer than it seems,” he wrote.
Market psychology and the return of retail investors
From a psychological point of view, altseasons most often begin precisely when the market is gripped by despair. Analyst Merlijn emphasizes that the peak phases of altcoin growth are born at the moment of maximum disappointment.
“Altseason starts when everyone gives up. The same base, the same wedge, the same disbelief. All past altseasons started exactly like this. Bitcoin cools down. Liquidity flows. Time for a real fireworks show,” he wrote.
An additional signal is the increase in weekend activity: many altcoins showed a price spike, which may indicate renewed interest from retail. Such moves often become a short-term bullish signal and indicate a shift in sentiment from apathy to cautious optimism.
New liquidity — new impulse
The last important factor may be the influx of fresh liquidity. The US Federal Reserve is set to resume its quantitative easing program (QE) as early as December 1. Such a policy change could inject a significant amount of money into financial markets.
Historically, such measures have lowered borrowing costs, boosted investor confidence, and pushed capital toward riskier assets, including cryptocurrencies. This could create a favorable environment for growth in the altcoin sector.
Read also: ETF and budget agreement: why XRP could surge sharply
Nevertheless, despite a number of bullish signals, some analysts remain cautious and believe that a full-fledged altseason is still far off.
Well, the coming weeks will show whether November 2025 will be the start of a new sustainable rally or just a short-term spike in speculation.
