What Are the Reasons For An Altcoin Season in November?

Since mid-October, many altcoins have experienced sharp declines due to widespread deleveraging in the derivatives market. However, analysts believe several indicators now suggest that altcoins may be forming a stabilization zone and preparing for a short-term rebound in November.

What are these signs? The following analysis explores them in detail.

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Can Altcoins Recover What They Lost in October?

At the end of October, the market’s Fear and Greed Index stood at 29, reflecting persistent fear. This sentiment has lasted for three consecutive weeks since the liquidation event on October 11.

Fear has caused investors to hesitate. On the positive side, most altcoins have now formed stable price ranges, without setting new lower lows.

Evidence supports this view. According to Altcoin Vector — an account known for institutional-level reports from Swissblock — the OTHERS/BTC chart (which represents the value of all altcoins excluding the top 10, compared to Bitcoin) dropped sharply from above 0.14 in September to below 0.12 in October.

However, this chart has now shifted into a “Stabilization” phase, indicating that prices are starting to fluctuate within a stable range.

WIF/USD serves as a representative example, showing a reaction closely aligned with the broader trend.

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“If the stabilization zone holds as support, we could see short-term alt rallies: not an alt season, but relief moves that help release downside pressure,” Altcoin Vector noted.

With this cautious tone, Altcoin Vector only expects short-term relief rallies for November. But other analysts are more optimistic, hinting at the possibility of a true altcoin season characterized by strong breakouts.

Why Some Analysts Expect an Altcoin Season in November

Using the same OTHERS/BTC chart, Michaël van de Poppe — founder of MN Fund and a macroeconomic analyst — offered a more bullish perspective. He called it one of the most valuable charts in today’s market.

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According to van de Poppe, altcoins are currently undervalued at levels comparable to previous market bottoms, such as Q4 2016 and Q1 2020.

Major rallies followed both of those historical periods. In 2017, the market experienced an explosive altcoin season, during which Ethereum and other altcoins surged hundreds of times. In 2020–2021, a full-scale bull run unfolded after the pandemic.

Meanwhile, analyst Javon Marks highlighted the RSI indicator of the “Others Dominance” chart, which measures the market share of non-top-10 altcoins relative to the total crypto market.

Marks pointed out that for the first time in history, OTHERS.D has entered an extremely oversold zone — the deepest oversold level ever recorded on the monthly RSI.

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“When a market is oversold, it can mean that prices have fallen ‘too far,’ that seller pressure is exhausted, and that a bounce higher or a reversal could be nearing,” Marks explained.

Prominent analyst Ted shared a similar outlook, predicting a “beautiful bull market.”

As a result, several leading analysts expect a potential recovery for altcoins in the coming month. Historically, altcoin seasons often begin around November.

However, current market sentiment remains cautious. The Altcoin Season Index remains below 50, and fear continues to linger among investors — even as the Federal Reserve has begun to cut interest rates. This reflects a very different environment compared to past cycles.