Altseason does not announce itself. It emerges.

The early phase is always the same: disbelief.

Positioning is misaligned.

Liquidity compresses quietly.

Then a single breakout resets the regime.

Price accelerates +50%, +70%, +100% before the narrative has time to adjust.

Narratives follow flows — not the other way around.

When rotation begins, it establishes a trend, not a moment.

For anyone convinced Q4 is already decided, a reminder:

Markets can reprice in a single session —

and they can reprice conviction just as quickly.

A final flush toward the high-$90Ks remains plausible,

but given the strength of underlying capital flows, the next leg higher is a matter of timing, not probability.