The myth started when CME futures were opened on Bitcoin in mid-December 2017. The dastardly elites took this as an opportunity to short Bitcoin and it precipitated a load of liquidations. Bitcoin dropped nearly 50% over the course of 5 days.
ETH also took a hit, but it was only about 20% or so, and then it recovered strongly along with BTC for the next 3 weeks.
Then, in early January, the Fed started to signal that they were going to tighten the money supply and there was a general market correction. Nothing was spared, not even crypto. Both BTC and ETH were hammered, and didn't recover until 2020.
Alt season is deemed as the period in between these two events.
Personally, I think it's crazy to think that just because it happened before, it will necessarily happen again, given that the two major external stimuli (CME futures opening and Fed tightening) were nothing to do with crypto. The reason why Bitcoin was hit harder earlier was due to targeted shorting, not due to some innate characteristic of crypto that says Bitcoin has to peak first.
IMO, if this bull run ends due to something like a rates rise, there will be no alt season because alts would be immediately and ruthlessly destroyed much more than Bitcoin and would never recover.
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