I noticed an interesting situation with the altseason in this bull cycle — it keeps getting postponed, and a well-known analyst has finally explained why this is happening.

It all started when Bitcoin grew nearly 8.5 times from $15,400 in November 2022 to $126,000. U.S. stocks hit record highs. Gold added $15 trillions to market capitalization. It would seem that with such huge liquidity, altcoins should have skyrocketed. But no — ETH is struggling to break above $4,800, and altcoins are setting new lows every week.

Here’s the point: investors are currently only betting on safe assets. Gold, bonds, top stocks — all liquidity is stuck there. Due to trade wars and uncertainty, no one is willing to move capital into risky assets. That’s why the altseason hasn’t arrived for so long.

The analyst references historical patterns from 2017 and 2021. Back then, liquidity flowed in waves: first into safe assets, then into Bitcoin, then into Ethereum, and finally into altcoins. From large-cap assets to small-cap ones. It’s a natural cycle.

Now, the situation is changing. With three rate cuts in 2025, the end of quantitative tightening, and easing monetary policy, investors will start seeking more profitable assets. Liquidity will flow back into risky assets. Bitcoin is already showing growth, but for a full-blown altseason, ETH needs to break above and hold above $5,000.

When that happens, confidence will return to altcoins. The analyst believes that an altseason could still occur in the coming months. The key trigger is Ethereum surpassing the $5,000 level. This signals to the market that liquidity is finally shifting into riskier assets, and the altseason will start gaining momentum.