Total2 , the total crypto cap excluding BTC if divided by the price of BTC can be an indicator for Alts season. Alts season means a period when Alts outperform BTC indicated by a positive slope of the Total2 to BTC ratio.
Certainly we are now in a mini cycle where Alts are outperforming BTC . But compared to other Alts seasons, The slope of the Total2/BTC is shallower and has reached resistance. If we take previous action as an indicator, there is a small period of shallow positive slope followed by a drop .
The ratio seems to be heading to the target of the breakout. The confirms downward continuation of the trend with a hidden divergence. Real divergence confirmed the peak of the ratio.
Alts will suffer compared to BTC until early 2021. It is my theory that an Alts coin culling will happen by early next year 2021, where 99% of the Alts will perish. The surviving Alts will vastly outperform BTC afterward.