Cryptocurrency market analysts are literally combing the charts for signals of altcoin breakouts. However, the cryptocurrencies themselves have not made a big move yet and usually follow the surge in Bitcoin.

On September 24, Glassnode co-founder “Negentropic” analyzed the Bitcoin/altcoin cycle, noting that altcoins have followed the BTC bull run.

“It looks like we are on the cusp of altcoin season,” he said, before adding:

“We will definitely experience it in full once BTC breaks its ATH and reaches new heights.”

Currently, Bitcoin is down about 14.5% from its all-time high, while most altcoins are more than 50% from their peaks.

Altcoin season is around the corner?

The analysts add that this will be a classic rotation cycle: first BTC, then Ethereum, followed by large-cap altcoins, and then smaller-cap tokens.

“We’ve seen Bitcoin rally three times since May, and there’s been no sign of an altcoin season. Now we’ve seen the Altcoin Cycle indicator jump to almost 50 before Bitcoin showed strength. We have a feeling the next spike will happen at the same time.”

Also, traditionally a bearish month, September has been Bitcoin’s best-ever gainer, up nearly 9% so far.

Another influential factor in the altseason is Bitcoin dominance, which is currently at a three-and-a-half-year high of 57.5%, according to Tradingview. Analysts have suggested that BTC dominance is peaking and could fall below 50%, which would be good news for altcoins.

Today's Top Altcoins

Cryptocurrency markets are down 1.6% on the day, with the total market cap falling to $2.31 trillion at the time of writing. However, a few altcoins are still outperforming the market at the moment. These include Near Protocol (NEAR), which is up 14.5% in the last 24 hours to $5.21.

AI token TAO (Bittensor) is still on the rise, up another 5% on the day, and up a whopping 84% for the week.

Bitcoin layer-2 Stacks (STX) is also performing well today, up 7%. Arweave (AR) and Celestia (TIA) are also up 16% and 20%, respectively.