According to @CryptoMichNL, the altcoin market cap valued against BTC is behaving similarly to Q4 2019, indicating a repeated pattern in the altcoin market cap vs BTC ratio, source: @CryptoMichNL, X post, Nov 7, 2025. He states the bull market is not over and has barely started, implying early-cycle conditions and potential relative upside for alt BTC pairs if the pattern persists, source: @CryptoMichNL, X post, Nov 7, 2025.