Many are still waiting for the upcoming altcoin season, but we should also consider the situation that the altcoin season is already over. This will only be visible after a while, then it will be clearly visible that the coins have already reached their high and now their price is constantly decreasing.
We will need a few more days to know whether this is true or not, but it seems like the most sensible conclusion, after all the drop in the price that we saw was no joke and people are getting scared about what it is coming next and this is the perfect scenario for the whales to dump their coins, force people to lose their leveraged trades and get margin calls and create a chain reaction that makes the market to go down at an incredible speed.