Altcoin
Altcoin Season Is Set to Happen ‘Very Soon,’ According to Crypto Analyst Kevin Svenson — Here’s Why
Cryptocurrency analyst and trader Kevin Svenson believes the altseason, a period when altcoins significantly outperform Bitcoin (Bitcoin), is within reach.
In a new video, Svenson tells from his 78,600 YouTube subscribers that his bullish thesis for altcoins is informed by the price action of Bitcoin and Ethereum (ET).
“The Altseason may actually happen very soon. And the reason I came to this conclusion is because Bitcoin has broken the parabolic trend and is trying to go sideways in this range and consolidate, while the leading altcoin, Ethereum, is in reality in an exponential trend. So this will likely be the point where altcoins start to catch up to Bitcoin.
The narrative was with Bitcoin since early 2023 – BlackRock filed for [spot Bitcoin] exchange-traded fund (ETF), the ETF pending approval, the [Bitcoin] halving. All of these things have led to this point and now it’s time for the narrative to change.”
Source: Kevin Svenson/YouTube
Svenson also says that the dominance of Bitcoin (BTC.D), which measures BTC’s market capitalization relative to the rest of the cryptocurrency market, is another factor signaling an impending bull season for altcoins.
A bearish BTC.D signals that altcoins are increasing in value faster than Bitcoin.
Svenson says,
“Looking at the weekly, it [Bitcoin dominance] It’s starting to go down. We haven’t gotten a lower low yet, but we’ve broken the trend line. And we have lower highs…
Bitcoin’s dominance is likely to begin to decline, historically marking the start of the altseason.”
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