Altcoin Season Set to Start “Very Soon,” According to Crypto Analyst Kevin Svenson – Here’s Why

Cryptocurrency analyst and trader Kevin Svenson believes that altseason, a period in which 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 (ETH).

“The Altseason could actually take place very soon. And the reason I came to this conclusion is because Bitcoin has broken out of the parabolic trend and is trying to go sideways in this range and consolidate, while the main altcoin, Ethereum, is actually sitting in an exponential trend. So this will likely be the point where altcoins start to catch up to Bitcoin.

The narrative was with Bitcoin from early 2023 – BlackRock applied for [spot Bitcoin] exchange-traded fund (ETF), the ETF being approved, 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 Bitcoin (BTC.D) dominance, which measures BTC’s market cap relative to the rest of the cryptocurrency market, is another factor that signals an impending altcoin bull season.

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 have not yet reached a lower low, but we have broken the trend line. And we have lower highs….

Bitcoin dominance is likely to start declining and this will kick off the historical alternative season.”

Source: Kevin Svenson/YouTube

Don’t miss a beat – subscribe to receive email alerts directly to your inbox

Check Price action

Follow us on X, Facebook AND Telegram

surf Hodl’s daily mix

&nbsp

Disclaimer: The views expressed on The Daily Hodl do not constitute investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrency or digital assets. Please note that transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: DALLE3

Source