Citing Bitjie, the anticipated 2025 altseason, a period of parabolic growth for non-Bitcoin assets, has been effectively delayed due to the lack of macroeconomic liquidity. The latest U.S. ISM manufacturing PMI data, released on December 2, 2025, showed a reading of 48.2, below expectations and confirming ongoing industrial contraction. Analysts attribute the ongoing slump in altcoins to post-rally corrections, record gold prices, stable but tense stock markets, and concerns over unlimited supply in competing crypto assets. Historical data shows altseasons typically occur during economic expansion, with ISM readings above 55 in 2017 and 2021. Despite current weakness, 2026 forecasts include rate cuts and improved liquidity, which may help the ISM return to expansion. Market sentiment remains divided, with some arguing that many tokens have fallen over 90% and are far from a true recovery. Technical analysis suggests Bitcoin’s recent pullback after breaking the 50-week moving average mirrors the pattern before the 2021 altseason. Analyst Michael van der Ploeg views the early December sell-off as a final consolidation before a potential rebound.
2025 Altseason Delayed as Economic Data Shows No Expansion
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