Cryptocurrency analyst and trader Kevin Svenson predicts that altseason, a phase when alternative cryptocurrencies outperform Bitcoin (BTC), is on the horizon.
In a recent video addressing his 78,600 YouTube followers, Svenson explains that his optimistic outlook for altcoins is based on the recent price movements of Bitcoin and Ethereum (ETH).
“We might see altseason happening very soon. My conclusion stems from Bitcoin breaking its parabolic trend and settling into a sideways movement within this range, while Ethereum, the leading altcoin, is showing exponential growth. This suggests that altcoins are likely to start gaining ground on Bitcoin,” Svenson asserts.
“The narrative has revolved around Bitcoin since the start of 2023 – from BlackRock applying for the spot Bitcoin exchange-traded fund (ETF) to the eventual approval of the ETF and the Bitcoin halving. These events have led us to this juncture, indicating a shift in narrative is imminent.”
Svenson also highlights Bitcoin dominance (BTC.D) as another key metric signaling a forthcoming bullish period for altcoins. BTC.D measures Bitcoin’s market capitalization relative to the entire cryptocurrency market.
“A decline in BTC dominance typically indicates that altcoins are gaining value faster than Bitcoin,” Svenson explains. “Upon examining the weekly data, we observe a downward trend emerging. While we haven’t yet reached a new low, the trend line has been breached, and we’re seeing lower highs. Historically, this decline in Bitcoin dominance has often heralded the onset of altseason.”
Svenson emphasizes that his insights are not investment advice and urges investors to conduct thorough research before making any high-risk decisions in Bitcoin, cryptocurrencies, or digital assets.
Source: Kevin Svenson/YouTube
