Analysis: This cycle exhibits characteristics of a "reverse knock-off season," with structural weakening and increased divergence.

According to ME News, on February 6th (UTC+8), analyst Ali published a lengthy analysis on the X platform, pointing out that this cycle may have entered a "reverse altcoin season" unlike the traditional pattern. Historically, altcoin seasons typically involve a rotation of funds into Altcoin after Bitcoin's rise, driving a general rise across the board. However, the current cycle is characterized by structural weakening and increased divergence among Altcoin. A review of the cycle shows that Bitcoin bottomed out around $15,000 after the FTX incident in November 2022, subsequently embarking on a bull market and reaching a high of around $126,000 in October 2025. However, during this period, the market did not experience a typical broad-based altcoin rally. Most Altcoin exhibited characteristics such as breaking long-term trend channels, failing to hold key support levels, and increased downward volatility. In this environment, market opportunities were more concentrated on structural divergence and two-way trading than a one-sided upward trend. From a market structure perspective, the current situation resembles a phase of selective deleveraging and valuation correction for altcoins, rather than a traditional full-blown altcoin bull market. In the short term, the market may continue its divergent pattern, and the structural downside risks have not yet been fully released. (Source: ME)