The altcoin season typically occurs a year after the Bitcoin halving, which is set for April 2024. Theoretically, the liquidity injection in 2025 should trigger this cycle. However, due to Bitcoin's strong dominance in 2024-2025, holding approximately 60% of the total market capitalization of cryptocurrencies, and the macroeconomic environment featuring high interest rates and quantitative tightening, altcoins may face challenges attracting liquidity early on. Nevertheless, once Bitcoin's growth stabilizes, the accumulated massive capital may flow into altcoins, driving their prices to surge. Historically, the altcoin season usually occurs after Bitcoin hits a historical high and enters a consolidation phase. If Bitcoin stabilizes above $100,000, capital may eventually flow into altcoins. Some analyses also suggest that the probability of an altcoin season occurring in 2025 is around 50%-60%, primarily depending on whether Bitcoin can maintain its position above $100,000 and trigger capital rotation. Overall, while it is difficult to pinpoint the exact timing of the altcoin season, it may arrive when conditions such as stable Bitcoin trends, increased market liquidity, improved macroeconomic environments, and reduced regulatory uncertainty are met.