Why Altseason Needs a Crisis First for Liquidity to Return

An advance-decline index for the top 100 cryptocurrencies has been trending down since 2021. Most cryptocurrencies have been going down rather than up since 2021. Everyone wants 2020-2021 back. That period only happened after a crisis justified money printing. That money printing pushed global net liquidity to all time highs. A bull market is still possible. However, a full blown altseason should not be expected until liquidity actually returns. Until then, the market is stuck in a catch-22. The catch-22 lasts until the printers come back on. This means altseason is linked to liquidity, and liquidity is linked to a crisis that justifies money printing. Without that, the broader altcoin market can keep going down rather than up. This view is based on the advance-decline trend and the liquidity condition. The focus is on the top 100 cryptocurrencies and the lack of a broad altseason. This is the backdrop for why altseason needs a crisis first.