Altcoins
Altcoin Season Should Happen ‘Very Soon,’ Says Crypto Analyst Kevin Svenson – Here’s Why
Cryptocurrency analyst and trader Kevin Svenson believes that another season, a period where altcoins significantly outperform Bitcoin (BTC), is at your fingertips.
In a new video, Svenson tell his 78,600 YouTube subscribers that his bullish thesis for altcoins is informed by the price action of Bitcoin and Ethereum (ETH).
“Altseason could actually happen very soon. And the reason I came to that conclusion is because Bitcoin has broken out of the parabolic trend and is looking to move sideways within that range and consolidate, while the leading altcoin, Ethereum, is actually in an exponential trend. So this will likely be the point where altcoins start to catch up to Bitcoin.
The narrative has been with Bitcoin since early 2023 – BlackRock applying for the [spot Bitcoin] exchange traded fund (ETF), the ETF being approved, the [Bitcoin] reduce by half. All of these things have led to this point and now it’s time for the narrative to change. »
Source: Kevin Svenson/YouTube
Svenson adds that Bitcoin dominance (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 the value of altcoins is increasing faster than that of Bitcoin.
Said Svenson,
“Looking at the weekly, he [Bitcoin dominance] begins to decline. We haven’t really made a bottom yet, but we have broken the trendline. And we have lower highs….
Bitcoin’s dominance will likely begin to wane, triggering a new historic season.
Source: Kevin Svenson/YouTube
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