An interesting observation from Raul Pal regarding the altseason. The guy clearly knows what he's talking about — a former Goldman Sachs executive and co-founder of Real Vision. His position is that the true altseason is not what we've seen before. It will be a completely different level.

Pal believes that we are currently in a transition phase between cycles. The current silence in the altseason is not a sign of market weakness but simply anticipation. When business activity is low, people keep their money safe. But as soon as the economy starts to accelerate, capital begins to seek risk. And that's when altcoins get their chance.

The main thing to understand here is that Bitcoin and the entire crypto market move together with global liquidity. Almost all of its dynamics reflect the flow of money worldwide. Currently, the price is suppressed by recession fears, although there are almost no real grounds for it.

According to Pal, the key game is built on currency devaluation. Governments need fresh money to service their debts, so liquidity grows year after year. This is a systemic process that will not stop. And when liquidity starts to increase, the altseason will develop faster than anything else.

Business cycles after 2008 have become longer and more predictable. After significant changes in debt structure in 2022, the peak of the next cycle has shifted. And now we see how the market begins to react. According to Pal, the main phase of the altseason movement has not even truly started yet. This could be a really interesting period ahead.