The current cryptocurrency cycle is exhibiting characteristics of a "reverse altcoin season," according to an analysis by PANews analyst Ali. Traditionally, altcoin seasons follow Bitcoin's rise, with funds rotating into altcoins, leading to a broad market rally. However, this cycle is marked by structural weakening and increased divergence among altcoins. Bitcoin, which bottomed at approximately $15,000 after the FTX collapse in November 2022, surged to a high of around $126,000 by October 2025. Despite this, altcoins have not experienced a typical rally. Many have broken long-term trend channels, failed to maintain key support levels, and shown increased volatility. The market is now characterized by structural divergence and two-way trading opportunities, rather than a uniform upward trend. This phase suggests a selective deleveraging and valuation correction for altcoins, with ongoing downside risks and a continuation of the divergent pattern in the short term.