Analysts are currently debating the potential for an altseason this year following a significant market event. A massive $20 billion liquidation recently occurred, erasing altcoin leverage and long positions as Bitcoin's price plummeted from $121,000 to $104,000 in less than an hour. Despite this volatility, some analysts maintain that altcoins could still experience a surge if Ethereum surpasses $5,000 and Bitcoin reaches new all-time highs. Conversely, others argue that altcoins have historically rallied even after Bitcoin has peaked.