Few of today's traders would dispute Bitcoin's presence in a bull market. However, there is less agreement about whether or not the market itself is in an alt coin season. There is a big distance in the opinions of those who think it is halfway through an alt season and those who don't think an alt season has started yet.

Traders usually look at a variety of analytical reports. One is the total market cap of Bitcoin versus the alternates. Bitcoin's dominance rate is another marker. Ben Lilly argues that an alt season could even take place if alt coins and Bitcoin go up at the same time. The movement doesn't have to be antagonistic between Bitcoin and alt coins. He thinks of an alt coin season as one that takes people by surprise or makes traders rethink what they expect.

Lilly goes on to say that reviewing support and resistance levels is always a good idea. When those are broken, the action is usually fast. It also tends to happen in a bull cycle. The range of expectations also grows in a bull cycle. If the range of expectations for the alt coins is a lot bigger than it is for Bitcoin, things can get crazy.

One of the markers Lilly looks at is the Ether/Bitcoin pairing. If Ether gains in relation to Bitcoin's value, that's a good sign for the other alt coins. Lilly also added that a rising tide lifts all the boats. More than 50 alt coins have seen their values double this year. He thinks that if Bitcoin's dominance falls, it is a bull market for alt coins. However, outsized gains for alt coins don't mean that Bitcoin is faltering. It could be a sign of an alt coin season.

Traders should look at where the United States dollar goes. They should also look at some small-cap assets, such as Cosmos. When investors buy those, liquidity improves. If the dollar enters the market in a large quantity, this is the best sign of an alt coin season. Lilly suggests that people focus on it.