In metallic materials subjected to cyclic loading, strain hardening as well as fatigue crack initiation have been linked for a long time with the evolution of dislocation patterns and structures. In particular, the development of low-energy dislocation configurations such as persistent slip bands (PSBs) is considered as a precursor to crack initiation. However, the associated scenarios have been elaborated mainly from postmortem observations capturing only static pictures of dislocation patterns, while the dynamics of the problem has been somewhat overlooked. Here we analyze collective dislocation dynamics during cycling loading of aluminum using acoustic emission (AE). A strong link is revealed between dislocation patterning, cyclic hardening/softening, and the intermittency of plasticity: Plastic intermittency and dislocation avalanches rapidly decay during the initial hardening stage, in conjunction with the reduction of an internal length scale characterizing the dislocation structure. However, in nonannealed samples, a transient softening stage ensues, associated with a brutal reorganization of this structure. These initial stages of cyclic deformation illustrate the competition between two phenomena: collective dislocation dynamics, governed by long-ranged elastic interactions among dislocations, and the emergence of a self-organizing network controlled by short-range interactions and progressively inhibiting collective effects. Later on, the emergence of PSBs is accompanied by a reincrease of the AE intermittent activity. We propose that the associated AE bursts may be the signature of collective and coordinated dislocation motions along PSBs leading to the formation of incipient microcracks.