BTC.D is clearly at the top of this macro range. USDT.D is also dropping. This means we may see a mini alt season as alts follow BTC's recent rally.
One counter-argument is ETH Shanghai update - Lots of staked ETH will be (is?) getting unlocked, which could create a lot of sell pressure. Some very crypto/finance savvy friends are shorting ETH here.
ETH makes up a huge % of TOTAL2 (altcoin market cap), so if ETH does start selling off, this idea will be invalidated, USDT.D will pump instead, and alts will bleed.