Crypto analyst Dan Gambardello has challenged claims that the 2025 bull cycle will not see an altseason due to market dilution. Gambardello points out that while there are over 36 million altcoins, only about 1,300 have daily trading volumes exceeding $1 million, indicating that liquidity remains concentrated. He argues that this concentration suggests the market is not as diluted as some believe, and a surge in altcoin prices could occur when macroeconomic conditions are favorable. Gambardello emphasizes the importance of liquidity and market fundamentals over sentiment in his analysis.