The cryptocurrency market is signaling a potential altcoin season with Bitcoin reaching $120,000. Key indicators include a rise in the Altcoin Index from 12 to 53 over the past month, a decrease in Bitcoin's market dominance from 65.7% to 59.6%, and the Fear & Greed Index remaining in the 'Greed' zone for over 30 days. These trends suggest increasing interest and investment in altcoins, indicating a possible shift in market dynamics.